December 20, 2016 / 2:59 AM / 9 months ago

BOJ keeps policy steady, offers brighter economic view

Bank of Japan (BOJ) Governor Haruhiko Kuroda gestures during a news conference at the BOJ headquarters in Tokyo, Japan November 1, 2016. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) - The Bank of Japan kept monetary policy steady and offered a brighter view of the economy on Tuesday, signaling its conviction that a weak yen and a rebound in overseas demand will heighten prospects for a solid recovery.

“Japan’s economy continues to recover moderately as a trend,” the central bank said in a statement announcing its policy decision.

That was more upbeat than its assessment made on Nov. 1, when it said that while Japan’s economy continued to recover moderately as a trend, some weaknesses were seen in exports and output.

In a widely expected move, the BOJ maintained the 0.1 percent interest it charges on a portion of excess reserves that financial institutions park with the central bank.

At the two-day policy meeting that ended on Tuesday, it also left unchanged its 10-year government bond yield target of around zero percent.

BOJ Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision.

Reporting by Leika Kihara, Stanley White, Tetsushi Kajimoto and Minami Funakoshi; Editing by Chris Gallagher

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