Bank of Japan policymakers debated the need to be vigilant over the rising cost ...
TOKYO - Bank of Japan policymakers debated the need to be vigilant over the rising cost of prolonged monetary easing when they adopted in April a pledge to keep ultra-low interest rates for at least a year, minutes of their rate review showed.
At the April meeting, the BOJ kept monetary policy steady but clarified its forward guidance - or its pledge on the future path of monetary policy - to say it will maintain the current low rates “at least until the spring of 2020.” The same member also stressed the importance of maintaining a mix of fiscal and monetary policies to help stimulate the economy, the minutes showed.
“There was a possibility a further decline in interest rates would result in a greater risk of inducing side-effects on the economy, rather than positive effects” especially as low rates crunch financial institutions’ margins, the member said.
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