TOKYO : The Bank of Japan should discuss revising its yield curve control (YCC) policy at an early stage, a board member was quoted as saying at a June policy meeting, a summary of opinions at the rate review released on Monday.While the central bank should keep overall monetary policy ultra-loose, it sho
TOKYO : The Bank of Japan should discuss revising its yield curve control policy at an early stage, a board member was quoted as saying at a June policy meeting, a summary of opinions at the rate review released on Monday.
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. "That said, a revision to the treatment of YCC should be discussed at an early stage," taking into account the need to prevent sharp fluctuations in interest rates in the future phase of an exit from current monetary policy, the member said.
While the summary does not identify who made the comments, board member and former commercial banker Naoki Tamura has publicly warned of the rising cost of YCC such as causing market dysfunction and narrowing bank margins.
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