BANK OF JAPAN WILL TRIM BOND BUYING AND KEEPS RATES STEADY

The Bank of Japan said on Friday it would start trimming its huge bond purchases and announce a detailed plan next month on reducing its nearly $5 trillion balance sheet, taking another step toward unwinding its massive monetary stimulus.

Governor Kazuo Ueda also said he would not rule out raising interest rates in July as weakness in the yen pushes up import costs, suggesting the BOJ was retaining a hawkish stance despite recent signs of weakness in consumption and the broader economy.

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