The Bank of Japan left its short-term policy target unchanged at 1.25% on Friday, according to Reuters , while revising its inflation forecast upward and reiterating its willingness to keep raising borrowing costs to guard against growing inflation risks. The decision passed by an eight-to-one vote, with board member Hajime Takata dissenting. Governor Kazuo Ueda is scheduled to hold a news conference at 3:30 p.m. local time to explain the policy decision. Analysts focused on the central bank's revised view of underlying inflation. Hirofumi Suzuki, chief FX strategist at SMBC in Tokyo, noted that Takata's dissent was unlikely to serve as a major market catalyst.
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