Rising global uncertainties could push Japan into recession and force the centra...
TOKYO - Rising global uncertainties could push Japan into recession and force the central bank to ramp up stimulus, the Bank of Japan’s former deputy governor Hirohide Yamaguchi said, reinforcing expectations an end to crisis-mode policies will remain distant.
The BOJ has said it will ease further only if the economy loses momentum to accelerate inflation to its target. Yamaguchi said the economy will indeed see such momentum weaken, thus forcing the central bank to top up monetary support. Trade tensions and slowing global growth have forced major central banks to pause in raising interest rates. The ECB on Thursday pushed out the timing of its first post-crisis rate hike, joining the U.S. Federal Reserve in putting tightening plans on hold.
Under a policy dubbed yield curve control , the BOJ now guides short-term rates at minus 0.1 percent and the 10-year bond yield around zero percent. Shirakawa’s successor Haruhiko Kuroda, who was hand-picked by Prime Minister Shinzo Abe to take bolder steps to beat deflation, deployed a massive asset-buying program in 2013. In 2016, the BOJ revamped its policy to one targeting interest rates.
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