BOJ reboots policy to target interest rates, steps up inflation drive

September 21, 2016 8:07 AM

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TOKYO The Bank of Japan overhauled its monetary policy framework on Wednesday, switching to targeting interest rates and sidelining more than three years of massive money printing that did little to jolt the economy out of a decades-long funk.

But the BOJ held off on deepening negative interest rates or expanding its asset purchase target, saying the modification was aimed at resetting its stimulus program for a protracted battle to hit and then keep to its 2 percent inflation goal.

Also read: Brazil’s Central Bank Keeps Key Rate Steady for First Time in 13 Meetings

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