The Japanese central bank left its key interest rate unchanged on Friday, as expected, but surprised markets with a decision to reduce the holdings of its massive stock of exchange-traded funds, suggesting that the monetary policy normalization is underway.
The Bank of Japan policy board, led by Governor Kazuo Ueda, voted 7-2 to hold the uncollateralized overnight call rate at around 0.5 percent.
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by Renju Jaya
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