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- BOJ Summary of Opinions: Must maintain YCC until needed to stably, sustainably hit price goal
BOJ Summary of Opinions: Must maintain YCC until needed to stably, sustainably hit price goal
Reuters conveyed Bank of Japan (BOJ) Summary of Opinions for the latest monetary policy meeting as Tokyo opens for Wednesday.
Among the key discussions at the monetary policy meeting, the Yield Curve Control (YCC) gained a major attention as it triggered the Yen’s rally.
Key quotes
BOJ must maintain easy policy as Japan in critical phase in hitting price goal.
Japan showing signs of wage rises, positive economic cycle but appropriate to maintain easy policy for time being.
Bond market function worsening which, if continued, would disrupt positive effect of BOJ's easy policy.
Corporate bond spread widening as bond market function deteriorates, sour investors' sentiment.
Appropriate to widen BOJ's yield band due to concern over negative impact on bond market from YCC.
Widening of yield band is not shift from loose monetary policy, aimed at making current stimulus more sustainable.
BOJ must widen trade band to address declining market functions but even so, no change to fact powerful monetary easing continues.
more to come...
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