The Bank of Japan plans to maintain its pledge to hit its 2% annual inflation target at the earliest possible date, according to a preliminary outline of a promised policy assessment, Reuters reported Wednesday. While the outline included no direct references to the future direction of the BOJ's monetary policy, the tone suggested a reduction of its stimulus efforts is unlikely, Reuters said. The BOJ said last month that it would deliver a comprehensive assessment of its policies at its September policy meeting. In the report, the central bank blamed low oil prices, a 2014 sales tax hike and Japan's deflationary mindset for tamping down inflation, Reuters said. "The BOJ is essentially saying is that they're sticking to their guns," said Doug Borthwick, managing director at Chapdelaine FX, a division of Tullett Prebon. The report elicited little reaction in the dollar-yen currency pair. The dollar is down 1% at 100.99 yen. It traded at 101.93 yen late Tuesday in New York.
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