TOKYO : The Bank of Japan (BOJ) will likely raise its inflation forecasts next week and debate whether further steps are needed to address market distortions it sought to fix with December's surprise tweak to its yield control policy, sources say.The BOJ's decision last month to widen the band around its
TOKYO : The Bank of Japan will likely raise its inflation forecasts next week and debate whether further steps are needed to address market distortions it sought to fix with December's surprise tweak to its yield control policy, sources say.
Keen to wait for more clarity on whether wage hikes will broaden, the central bank is also seen holding off on making big tweaks to yield curve control , such as abandoning negative interest rates, the sources said. At next week's meeting, the BOJ is widely expected to leave unchanged its YCC targets, set at -0.1 per cent for short-term interest rates and around 0 per cent for the 10-year bond yield.
In fresh quarterly forecasts due out after the meeting, the central bank is likely to upgrade its inflation forecasts in a sign of its growing conviction that conditions could gradually fall in place to dial back stimulus, sources have told Reuters. But many BOJ officials are cautious of widening the band out of concern that doing that so would be interpreted as a sign the central bank is losing its control over the yield curve, and cast doubt on the feasibility of YCC, the sources said.
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