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TOKYO (AP) — Japan's central bank has opted to keep its monetary policy unchanged despite growing signs of trouble that prompted the Federal Reserve to cut its benchmark rate.
The Bank of Japan said Thursday in its policy statement that exports, industrial output and business sentiment had been affected by the slowdown in overseas markets.
The China-U.S. tariff war has pummeled Japan's exports. But the BOJ said strong corporate profits were supporting business investment.
The BOJ's key interest rate has been at minus 0.1% for years, while it has continued massive asset purchases to help inject money into the economy. So far, it has failed to attain the 2% inflation rate target it says is needed to help sustain growth.
It said that "downside risks concerning overseas economies seem to be increasing."
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