TOKYO (Reuters) – The Bank of Japan nudged up its economic growth forecasts on Tuesday and was cautiously optimistic about the global outlook, though it said ongoing risks meant it was far to soon to consider scaling down its massive stimulus program.

Bank of Japan Governor Haruhiko Kuroda attends a news conference in Tokyo, Japan, January 21, 2020. REUTERS/Kim Kyung-Hoon

The central bank signaled an expected domestic boost from a government fiscal spending package and Governor Haruhiko Kuroda, citing the U.S.-China Phase 1 trade deal, said overseas risks have subsided somewhat.

But at a time when other major central banks are reassessing their accommodative monetary stance, he reiterated the Japanese bank’s resolve to maintain its ultra-easy policy in light of soft inflation and lingering uncertainty abroad.

“Various overseas risks remain, so the current easy policy bias will be sustained for some time,” he told a briefing.

At a two-day rate review that ended on Tuesday, the BOJ kept its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields a

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