Japan’s new central bank chief will take baby steps in any shift away from the radical monetary experiment of his predecessor, if recent comments are any guide, but a deeper history of his thinking shows a taste for bolder action. | Reuters
So far, Ueda has offered few clues on when and how the BOJ could phase out the current stimulus package that combines huge asset buying, negative short-term interest rates and a cap on the 10-year bond yield set under yield curve control .
The remark suggests Ueda may seek to end YCC in a single blow, rather than in several stages, some analysts say. “The BOJ must come up with a strategy towards an exit,” he said, adding that U.S. and Australian central banks “got the job done with a single adjustment” when they ended yield control.His preference for a comprehensive, rather than gradual, approach can also be seen in accounts of his involvement in the BOJ’s battle with deflation as board member from 1998 to 2005.
Ueda may also roll back the quantitative element of the BOJ’s current stimulus, such as a pledge to keep pumping money into the economy until inflation stably exceeds 2 percent.
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