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May 22, 2013 10:47 AM IST | Source: AP

BoJ keeps policy rates unchanged, says economy picking up

The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base for the sake of reaching a 2 percent inflation target and jolting the economy out of two decades of stagnation.


Japan's central bank says the world`s third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home.


The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base for the sake of reaching a 2 percent inflation target and jolting the economy out of two decades of stagnation. That outcome was expected.


The central bank said in a statement, though, that there is a "high degree of uncertainty concerning Japan`s economy" and that prices show no signs yet of rebounding.

Japan`s economy grew 3.5 percent in the last quarter, but progress in increasing exports and boosting corporate investment and wages has lagged.

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