BOJ Acts in July amid Dim Outlook for Global Economy

Bank of Japan board members agreed that growing uncertainty surrounding the global economy posed downside risks domestically, prompting many of them to take additional easing steps, minutes of their policy meeting showed Tuesday.

At the central bank's July 28-29 meeting, the first since Britain's vote to leave the European Union in late June, BOJ policymakers decided by a 7-2 majority vote to almost double its purchases of exchange-traded funds to an annual pace of about 6 trillion yen about ($59.8 billion).

"Members shared the recognition that risks to Japan's economic activity and prices remained skewed to the downside with heightened uncertainties surrounding overseas economies in particular and considerable uncertainty over developments in medium- to long-term inflation expectations," the minutes said.

Source : XINHUA