TOKYO :Incoming Bank of Japan (BOJ) Governor Kazuo Ueda will speak in parliament on Friday and next Monday, as the central bank's yield cap comes under renewed attack by markets betting on a near-term interest rate hike.The remarks by Ueda, an academic and former BOJ board member, will be closely watched by m
TOKYO :Incoming Bank of Japan Governor Kazuo Ueda will speak in parliament on Friday and next Monday, as the central bank's yield cap comes under renewed attack by markets betting on a near-term interest rate hike.
The market's renewed attack on the BOJ's yield cap may complicate Ueda's task of steering a smooth exit from ultra-low rates, some analysts say. Ueda will over from incumbent Governor Haruhiko Kuroda when his term ends in April. The nominations need the approval of both chambers of the Diet, which are effectively a done deal as the ruling coalition holds solid majorities in both.
Ryutaro Kono, chief Japan economist at BNP Paribas, expects the BOJ to raise the yield cap to 0.75 per cent or 1 per cent as early as in March - the last policy meeting to be chaired by Kuroda. "Some market players expect Kuroda to do something before his term ends in April. But I don't expect an outgoing governor to spur a surprise that could hit companies just as they close their books at fiscal year-end in March," said Yasunari Ueno, chief market economist at Mizuho Securities.
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