BOJ to broadly review monetary policy as new chief takes helm

The Bank of Japan decided Friday to embark on an extensive review of its monetary policy implemented over the years to achieve stable inflation while keeping ultralow rates as expected in the first policy-setting meeting under Governor Kazuo Ueda.The central bank tweaked its policy guidance to stress the importance of wage growth in achieving its 2 percent inflation target and vowed to respond flexibly to economic developments. It dropped the previous pledge to keep short-term and long-term rates at "present or lower levels."In a fresh outlook report released after the two-day meeting, the …READ FULL ARTICLE