A Bank of Japan (BOJ) policymaker called for an early revision to its controversial yield curve control, a summary of opinions at the June meeting showed on Monday, suggesting the central bank's ultra-loose monetary settings may be at a crossroads.
While analysts see the communication as reflecting only a minority view of the BOJ board, investors are watching to see if similar such commentary comes in the near-term, potentially heralding a shift in policy.against falls in the yen on Monday, a signal to markets that authorities could intervene to slow the decline.
It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC, which contrasts with Governor Kazuo Ueda's remarks ruling out any imminent change in policy. Under YCC, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target.
In a sign of renewed concern over the weakening yen, Japan's top currency diplomat Masato Kanda warned on Monday that recent moves were "rapid and one-sided."
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