The Bank of Japan will end its long-term yield control policy this year, the majority of economists said in a Reuters poll, anticipating academic Kazuo Ueda's new leadership to dismantle the complex easing scheme and restore bond market functionality.The demise of yield curve control (YCC) has been the ma
The Bank of Japan will end its long-term yield control policy this year, the majority of economists said in a Reuters poll, anticipating academic Kazuo Ueda's new leadership to dismantle the complex easing scheme and restore bond market functionality.
Fourteen of 26 respondents to a question about the YCC expected the BOJ to terminate it this year, the Feb. 28-March 6 poll showed. Eight of them voted for April-June, four for July-September and two for October-December. In a separate question asking about what the BOJ would do if it were to tweak the YCC before ending it, 14 of 23 analysts chose widening of its yield fluctuation range again after doubling it to 0.5 per cent in December. The remaining nine economists expected targeting a shorter-term yield.
Half of 24 respondents expected the additional YCC tweak in April-June. Seven anticipated it in the latter half of 2023, while three saw it in the first half of 2024.Governor Kuroda is unlikely to jolt the market at his final BOJ policy meeting on March 9-10, according to 96 per cent of 28 respondents to a question, saying the nominated next chief Ueda is better positioned to carry out any review or revamp of Kuroda-era monetary easing.
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