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Japan's parliament to hold Aug 23 special session on BOJ rate hike, sources say

Japan's parliament to hold Aug 23 special session on BOJ rate hike, sources say

Japan's National Diet Building is pictured in Tokyo, Japan, on May 31, 2021. (Photo: REUTERS/Kim Kyung-Hoon)

TOKYO: Japan's parliament plans to hold a special session on Aug 23 to discuss the central bank's decision last month to raise interest rates, government sources said on Tuesday (Aug 13).

The special session, to be conducted by the lower house financial affairs committee, is likely to ask Bank of Japan Governor Kazuo Ueda to attend, said the sources, who declined to be identified.

The schedule will be officially decided later on Tuesday.

The BOJ surprised markets by raising interest rates to a 15-year high on Jul 31 and signalling its readiness to hike borrowing costs further on growing prospects that inflation will durably hit its 2 per cent target.

The decision, coupled with US recession fears, roiled financial markets, triggering the Nikkei benchmark's biggest selloff since the 1987 Black Monday crash.

The market rout led senior officials from the ruling and major opposition parties to agree to summon Ueda to explain the central bank's decision. 

Source: Reuters/ec

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