The Bank of Japan acknowledged that inflation in the country is more long-lasting than it had expected. Photo: richard a. brooks/Agence France-Presse/Getty ImagesTOKYO—The Bank of Japan edged closer to a new era in which it ends the unconventional monetary easing it has long pursued, although Gov. Kazuo Ueda wasn’t ready to declare the old era over yet. The central bank said Tuesday that its 1% cap on the 10-year government bond yield would now be considered a reference rather than a hard limit. It sharply raised its price forecast, saying the inflation rate would likely stay near 3% until early 2025.

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Persons: richard, Kazuo Ueda wasn’t Organizations: Bank of Japan, Agence France, Getty, The Bank of Japan Locations: TOKYO