The Bank of Japan made its yield curve control policy more flexible and loosened its defence of a long-term interest rate cap on Friday, in moves seen by investors as a prelude to an eventual shift away from massive monetary stimulus.
its yield curve control policy more flexible and loosened its defence of a long-term interest rate cap on Friday, in moves seen by investors as a prelude to an eventual shift away from massive monetary stimulus.
"Looking at long-term interest rates, has been moving below 0.5%. If the yield exceeds 0.5%, we'll look at the level and speed of the moves and respond as appropriate. We don't expect the yield to move up to 1%, but have set this cap as a pre-emptive measure.""The inflation forecast for this fiscal year has been revised up quite significantly. We had been under-estimating upward pressure on prices.
"That's not the case. By making YCC more flexible, we enhanced the sustainability of our policy. So, this was a step to heighten the chance of sustainably achieving our price target." "We're still not confident enough that inflation will re-accelerate after a period of slowdown. If this changes, our approach on monetary policy will change too."
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