Asian markets slide as Bank of Japan keeps rates on hold

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Asia Pacific

Asian markets slide as Bank of Japan keeps rates on hold

Japan's central bank has kept its ultra-loose policy and held rates steady on Friday, citing 'extremely high uncertainties' on the growth outlook. The Bank of Japan said it would maintain short-term interest rates at -0.1%, and cap the 10-year Japanese government bond yield around zero, as was widely expected. But economists think the BOJ might be forced into hiking those rates sooner than expected, especially if the Japanese yen weakens beyond 150 to the dollar. While a weaker yen makes Japanese exports cheaper, it also makes imports more expensive, at a time when most major economies are struggling to contain stubbornly high inflation.