No Additional Policy Revision in Mind: BOJ’s Takata

Yokohama, March 2 (Jiji Press)--Bank of Japan Policy Board member Hajime Takata suggested Thursday that the central bank currently has no plans for further monetary policy revision.

“We don’t have anything additional in mind at the moment,” Takata told a press conference in Yokohama, south of Tokyo. “It will take some time to assess the effects” of the BOJ’s latest policy revision, he added.

Last December, the BOJ raised its upper limit on the benchmark 10-year Japanese government bond yield to 0.5 pct from 0.25 pct while maintaining the framework of its yield curve control policy.

Since then, however, the key long-term interest rate has risen above 0.5 pct on several occasions. Distortions in the bond market caused by the BOJ’s massive purchases of JGBs have also not been corrected.

At the press conference, Takata said that the central bank expects an improvement in the functioning of the market through its fund supply measures for financial institutions, which were expanded in January.

[Copyright The Jiji Press, Ltd.]