The International Monetary Fund on Thursday warned of 'uncertainty' around the direction of Japan's monetary policy, saying a possible shift from ultra-low interest rates could have a significant impact on global financial markets.Krishna Srinivasan, director of the IMF's Asia and Pacific Department, als
The International Monetary Fund on Thursday warned of"uncertainty" around the direction of Japan's monetary policy, saying a possible shift from ultra-low interest rates could have a significant impact on global financial markets.
"In addition, we see a risk that the global economy fragments into trading blocs," which could deal a particularly heavy blow to export-reliant Asia, Srinivasan said in a briefing at the Asian Development Bank's annual meeting in Incheon. "Changes in Japan's monetary policy that lead to further increases in government bond yields could have global spillovers through Japanese investors, who have large investment positions in debt instruments abroad," Srinivasan said.
The BOJ kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new governor Kazuo Ueda to phase out his predecessor's massive stimulus programme.
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