Bank of Japan (BOJ) Deputy Governor Shinichi Uchida said on Wednesday a tweak to the central bank's bond yield control policy will 'undoubtedly' become an option if economic and price conditions justify phasing out stimulus.
The Japanese government's nominee for the Bank of Japan Deputy Governor Shinichi Uchida speaks during a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023.
"We won't rule out any option, if we deem it as necessary for Japan's economy and achievement of price stability," Uchida said, when asked by an opposition lawmaker whether the BOJ could raise its long-term yield target, while keeping short-term interest rates very low. A career central banker, Uchida is one of two deputy governors. The other deputy, Ryozo Himino, is the former head of Japan's banking regulator. Both assumed their posts on March 20.
With inflation already exceeding its target, markets are rife with speculation the BOJ could tweak or end YCC when new governor Kazuo Ueda succeeds incumbent Haruhiko Kuroda whose second, five-year term ends in April.
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