Retiring Bank of Japan Governor Haruhiko Kuroda defends his decade-long stimulus program, saying that the benefits of monetary easing ‘have far exceeded the demerits.’
A majority of economists polled by Reuters expect the BOJ to end the yield control policy this year, with half saying Ueda will carry out tweaks to the policy within three months.
“The BOJ will likely abandon its 10-year bond yield target, while maintaining negative interest rates, to arrest distortions in the yield curve,” he said., saying that it expects short- and long-term policy rates to remain “at their present or lower levels.” Kuroda also said he expects market function to gradually improve by conducting “flexible” market operations, underscoring the BOJ’s intention to deal with distortions in the yield curve with existing tools rather than by overhauling YCC.With inflation exceeding its 2% target, the BOJ has been forced to ramp up bond buying to defend the 0.5% cap set for the 10-year bond yield – at the cost of distorting the shape of the yield curve and causing dysfunction in the bond market.
Data released on Friday showed Japan’s wholesale prices rose 8.2% in February from a year earlier to mark the second straight month of year-on-year slowdown, heightening the chance the rise in consumer inflation will start to moderate in coming months.
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