Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Thursday any future debate on an exit from ultra-loose monetary policy will center on the pace of increase in short-term interest rates and adjustments in the bank’s massive balance sheet.
Mr. Kuroda brushed aside the chance of a near-term interest rate hike, stressing that the BoJ must continue to underpin a fragile economic recovery with loose monetary policy.
“Another factor would be how to adjust its balance sheet,” he said, adding that most major central banks were moving ahead with rate hikes, before shifting toward a full-blown decrease in their balance sheets. BoJ policy makers last month debated the need to examine the side-effects of prolonged easing and the impact of a future exit from easy conditions, a summary of opinions showed, a sign they are becoming more open to the possibility of an eventual withdrawal of Mr. Kuroda’s radical stimulus.
The BoJ remains an outlier in the global wave of monetary tightening to combat soaring inflation. The divergence between the BoJ’s dovish stance and the US Federal Reserve’s aggressive rate hikes has pummelled the yen to 32-year lows, exacerbating a jump in import prices and households’ cost of living.
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