Global Market: Bank of Japan achieves 2% inflation target after 13 years

What happened: The Bank of Japan said underlying consumer price inflation had reached a level broadly consistent with its 2% price stability target and was expected to remain around that level, formally confirming the milestone for the first time. Key numbers: Benchmark rate held at 1.25%, with eight of nine policymakers voting Why it matters: The BoJ kept rates unchanged after the Fed and ECB also held steady, but expectations of a December increase are building as inflationary pressures persist and the yen remains weak. The central bank began unwinding ultra-loose policy in March 2024. Coverage: 3 outlets in 24h

The Bank of Japan said underlying consumer price inflation had reached a level broadly consistent with its 2% price stability target and was expected to remain around that level, formally confirming the milestone for the first time.

The BoJ kept rates unchanged after the Fed and ECB also held steady, but expectations of a December increase are building as inflationary pressures persist and the yen remains weak. The central bank began unwinding ultra-loose policy in March 2024.