BOJ’s Ueda Avoids Clear Early Rate Hike Signal as Yen Gyrates

Bank of Japan Governor Kazuo Ueda stuck to his even-handed stance on the central bank’s rate-hike path after holding the benchmark steady and raising the inflation outlook, with his comments helping nudge the yen lower before it rebounded abruptly.

The BOJ left its policy rate unchanged Friday at 0.75%, according to a statement, as it takes time to assess the impact of last month’s increase and awaits the outcome of a snap election that may affect the nation’s spending plans. The stand-pat decision was forecast by all surveyed economists and leaves borrowing costs at the highest level in three decades.