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"Low interest rates are putting long-term downward pressure on financial institutions'profits... which could destabilize the financial system," the Bank of Japan said in its quarterly report assessing long-term economic prospects and risks.
"Although these risks are small at present, it is necessary to keep a close eye on future progress," the Bank of Japan said. In July, the Bank of Japan only indicated that these risks had not come true.
The Bank of Japan, as expected, maintains its commitment to guide short-term interest rates at minus 0.1% and long-term interest rates near zero. The vote was 7 to 2.
In its quarterly report, the Bank of Japan lowered its inflation forecast for the current fiscal year ending March 2019 to 0.9%, compared with 1.1% three months ago.
The central bank also lowered its forecast for inflation from 1.5% to 1.4% in fiscal year 2019 and from 1.6% to 1.5% in fiscal year 2020.
Although Japan's economy is expanding steadily, inflation is still well below the BOJ's 2% target, forcing the central bank to maintain stimulus measures despite years of near-zero interest rates eroding bank profits.


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