The Bank of Japan (BoJ) revealed in a statement released on Tuesday it decided against adjusting interest rates, however it did opt to upgrade its inflation forecasts.
The short-term interest rate target will remain unchanged compared to last month's data, standing at negative 0.1%. Meanwhile, the ten-year JGB yield target was set at around 0 percent, the same as it was in December, meaning the bank will purchase the necessary amount of Japanese government bonds without setting an upper limit.
"For the time being, the Bank will closely monitor the impact of the novel coronavirus (COVID-19) and will not hesitate to take additional easing measures if necessary, and also it expects short- and long-term policy interest rates to remain at their present or lower levels," the bank said in a statement.
