A Bank of Japan board member warned of potential dangers if the central bank...
KUMAMOTO, Japan - A Bank of Japan board member warned of potential dangers if the central bank’s already massive stimulus is ramped up, a view suggesting there is no consensus on how quickly it should ease policy again to head off the risk of recession.
But Suzuki said rates may already be approaching such a level, as years of ultra-low rates strain financial institutions. “It’s hard to predict when Japan will see borrowing costs reach a reversal rate. But it might not be too distant in the future,” he added. “If bank deposit rates effectively turn negative, it could hurt the economy by cooling consumer sentiment,” Suzuki said.
While some like Suzuki fret about the rising cost of prolonged easing, other board members see room to act pre-emptively to prevent the economy from losing momentum to achieve the BOJ’s elusive 2% target. Cutting rates would undermine the purpose of YCC, which was intended not just to cap bond yields but to prevent them from falling too much and hurting commercial banks.
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