Economics

BOJ Deploys Words Instead of New Policy Action to Fight Slowdown

Drops time frame of guidance and flags chance of lower rates
Economists see revised pledge as another attempt to buy time

The Bank of Japan (BOJ) headquarters in Tokyo, Japan.
Photographer: Akio Kon/Bloomberg

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By Toru Fujioka and Sumio Ito

October 31, 2019 at 3:47 AM UTC

Updated on

October 31, 2019 at 10:23 AM UTC

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The Bank of Japan resorted to words rather than fresh policy action in dealing with the effects of a global slowdown and limp inflation, in contrast to the response of interest-rate cuts by the Federal Reserve and other central banks around the world.