The BOJ is buying Japanese government bonds as part of efforts to achieve its 2 percent inflation target, not to monetize debt, Governor Kazuo Ueda said. | Reuters
TOKYO – The Bank of Japan is buying Japanese government bonds as part of efforts to achieve its 2 percent inflation target, not to monetize debt, Governor Kazuo Ueda said on Tuesday.
“The BOJ’s JGB purchases are managed out of the need of conducting monetary policy with the aim of achieving the 2 percent price stability target,” Ueda told the lower house financial committee of parliament. “We have no intention of helping the government acquire financial sources.”As part of its yield control policy and quantitative easing, the central bank purchases a massive amount of JGBs as well as risky assets such as exchange-traded funds and real estate investment trusts.
In his first appearance in parliament since assuming office on April 9, Ueda faced lawmakers’ questions on fiscal issues, as Japan scrambles to fund its plan to double defense outlays amid growing security concerns about China and North Korea.
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