August 2, 2018 / 5:52 AM / in 19 days

BOJ's Amamiya - No preset idea on how long rates will stay low

KYOTO, Japan (Reuters) - Bank of Japan Deputy Governor Masayoshi Amamiya said on Thursday the central bank had no preset time frame in mind on how long it would keep interest rates very low.

FILE PHOTO - Bank of Japan (BOJ) new Deputy Governors Masayoshi Amamiya (L) and Masazumi Wakatabe attend their inaugural news conference at the BOJ headquarters in Tokyo, Japan, March 20, 2018. REUTERS/Toru Hanai

The BOJ kept monetary policy steady on Tuesday and adopted for the first time a pledge to keep interest rates “very low” for an “extended period of time.”

“Our new forward guidance is data-contingent, which is to say it isn’t calendar based,” Amamiya told a news conference after meeting with business leaders in Kyoto, western Japan.

Reporting by Leika Kihara; Editing by Chris Gallagher

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