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After raising its economic forecast for the current fiscal year, Japan's central bank has kept the interest rate steady at 0.1 percent and postponed any new policy initiatives, reports a Reuters article published by the South China Morning Post.

Reuters says the Bank of Japan's forecast growth of 2.6% in the fiscal year to March next year is up from its April estimate of 1.8%.

"The latest growth forecasts suggest that the bank will stand pat on policy in the near future, but this outlook could easily change as the government may exert pressure on the bank for further easing due to the tight fiscal conditions," Yuichi Kodama, an economist at Meiji Yasuda Life Insurance, told Reuters.
 

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