TOKYO :Incoming Bank of Japan (BOJ) Deputy Governor Shinichi Uchida on Tuesday brushed aside the chance of an immediate overhaul of ultra-loose monetary policy, suggesting that any review of its policy framework could take about a year.Uchida, a career central banker, said the BOJ should not modify its ultra-
TOKYO :Incoming Bank of Japan Deputy Governor Shinichi Uchida on Tuesday brushed aside the chance of an immediate overhaul of ultra-loose monetary policy, suggesting that any review of its policy framework could take about a year.
If the BOJ were to conduct a comprehensive review of its policy framework, it could take one to one-and-a-half years if the experience of U.S. and European counterparts is anything to by, Uchida said. BOJ board member Naoki Tamura has openly called for the central bank to conduct a review of its 2 per cent inflation target and its ultra-loose monetary policy, in light of criticism that prolonged low rates were hurting financial institutions' margins and distorting the shape of the yield curve.
The BOJ can tap its experience conducting ultra-loose policy and dealing with market forces, to ensure it can steer a smooth exit regardless of economic conditions at the time, he said.
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