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BoJ not rushing major yield adjustments

admin 2023年01月31日 社会 2 1

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,Strong sentiment: Pedestrians walking in front of the BoJ headquarters in Tokyo. The central bank may choose to adjust policy again this month without warning. - AFP

TOKYO: Bank of Japan (BoJ) officials see little need to rush to make another big move to improve bond market functioning, and the BoJ should assess the impact of last month’s yield adjustments for now, according to sources.

The central bank will make any further policy decisions after looking at the economy and financial markets until the last minute ahead of the upcoming January meeting, according to sources.

But the view that there is a need to study the effects of December’s changes indicates the bank isn’t seeking back-to-back action for now.

The surprise decision in December has generated speculation that the central bank may choose to adjust policy again this month without warning. The BoJ’s next policy meeting will conclude on Jan 18.

BoJ officials see traders still digesting the impact of the central bank doubling its 10-year yield target range to 0.5 percentage points either side of zero, according to the people.

Volatility in the bond market may remain high for some time, they said.

It’s too early to come to a conclusion on the impact of last month’s changes, as the past few weeks also included the holiday season, the people said.

The BoJ can also buy bonds aggressively and use various market operation tools to show they’re continuing its easing policy.

A similar sentiment applied to judging the condition of corporate bond issuance, a key factor behind the BoJ’s decision to widen the yield band, the people said.

For the quarterly economic projections, the officials see the momentum of passing costs onto consumers is stronger than expected when the latest price outlook was made in October, sources said.

It’s likely that the bank will raise its inflation forecasts for every projection year through fiscal 2024, the sources said.

The government measure to cut utility bills would cause some ups and downs in their forecast and there is a chance that fiscal 2024 may reach 2% or above due to technical factors, they said.

While Japan’s economy is recovering toward a virtuous economic cycle, officials continue to view that it’s hard to be confident about achieving the BoJ’s sustainable 2% inflation target for now, the sources said. — Bloomberg


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