TOKYO : The Bank of Japan (BOJ) rejected market pressure this week, maintaining ultra-low interest rates, but its bullish views on wages and growing strains from its policy suggest it may still end its expansionist experiment this year.Even unremittingly dovish BOJ Governor Haruhiko Kuroda is talking up w
TOKYO : The Bank of Japan rejected market pressure this week, maintaining ultra-low interest rates, but its bullish views on wages and growing strains from its policy suggest it may still end its expansionist experiment this year.
Kuroda said the BOJ expects wages to rise at"quite a fast pace" unseen in the past, a sign of the self-sustaining cycle the central bank and government have sought, in which rising economic growth pushes up inflation and people's income. "For the BOJ, the top priority now is to smoothly hand the baton to the new leadership," said Atago, chief economist at Ichiyoshi Securities.
"Mr. Kuroda argues that the BOJ hasn't started moving toward the exit. But the BOJ has already put its shoes and coat on," ready to proceed towards ending YCC, Columbia University professor Takatoshi Ito, a longtime close associate of Kuroda, told Reuters. A Reuters poll on Thursday showed more than half of big Japanese firms plan to raise wages this year, although the smaller firms that employ the vast majority of Japanese workers are less able to afford pay raises.
"If the BOJ ends negative rates, that would widen the spread between deposit and lending rates so would definitely be positive for us," he said.
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