TOKYO : The Bank of Japan (BOJ) will likely maintain its yield curve control (YCC) policy until at least next year, three quarters of economists polled by Reuters said, as expectations for a near-term policy shift by new governor Kazuo Ueda subside.At his first policy meeting in April, Ueda kept the centr
TOKYO : The Bank of Japan will likely maintain its yield curve control policy until at least next year, three quarters of economists polled by Reuters said, as expectations for a near-term policy shift by new governor Kazuo Ueda subside.
In the poll, however, more than half of the analysts expected the BOJ to start unwinding its easing scheme by end-July, with measures such as widening the yield cap or shortening the target maturity to mitigate YCC's side-effects. "With rising uncertainties around the global economy, the risks accompanied with a drastic policy shift are not small," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. Tsunoda expected the BOJ to fine-tune YCC to fix bond market distortions and sustain the policy until early 2024.
Asked about what the BOJ would do if it were to modify YCC before - or instead of - ending it, 57 per cent of economists forecast a widening of the tolerance range around the 10-year yield target, while 43 per cent chose a change of the control target to a shorter-term bond yield.
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