Asia markets down as Japan holds rates
15 March 2016, Nirapad News: Markets in Asia were trading in negative territory after Japan’s central bank left its monetary policy unchanged and gave a slightly less positive outlook for the economy.
Investor sentiment was also hurt by oil prices, which fell by nearly 3% after Iran put off plans to join nations proposing a freeze on production.
Tokyo’s Nikkei 225 lost more than 1% on the Bank of Japan’s announcement.
The index finished the session down 0.7% to 17,117.07 points, reports the BBC.
In a surprise move earlier this year, the BOJ introduced negative lending rates in an attempt to give its flagging economy a boost.
It did not change its lending rate on Tuesday, however, and said it would continue to expand the monetary base at an annual pace of 80 trillion yen ($700bn).
‘The focus of (Tuesday’s trading) session was the Bank of Japan, who ultimately delivered…. very little,’ said Chris Weston from IG Markets.
‘It certainly seems that the BOJ have little desire to lower the deposit rate deeper into negative territory, in a similar vein as the European Central Bank, and from that perspective, one can make an argument that they are following the ECB’s guide,’ he added.