Japan’s new central bank governor Kazuo Ueda faces a bumpy road as slowing global growth clouds prospects for a sustained pickup in inflation and wages, a prerequisite for phasing out his predecessor’s controversial monetary stimulus. | Reuters
But with inflation exceeding the target, many analysts expect the BOJ to tweak or end yield curve control , a policy combining a 0.1- percent target for short-term interest rate and a 0-percent cap for the 10-year bond yield, as soon as this quarter.
“When the appropriate timing comes, the BOJ’s new leadership will likely modify or abolish YCC,” he said. To compensate households for the increase in living costs, major firms have offered wage hikes of nearly 4 percent this year in annual labor talks, the fastest pace in about three decades. But mounting U.S. recession fears are among headwinds for Japan’s export-reliant economy. While the end to COVID-19 curbs is propping up consumption, some analysts warn a recent slew of price hikes for daily necessities could also hurt spending.Ueda will chair his first policy meeting on April 27-28, when the board produces fresh quarterly growth and price forecasts extending through fiscal 2025.
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