TOKYO : The Bank of Japan (BOJ) could tweak its yield control policy to dial back monetary stimulus this year if wage hikes spread beyond big firms, making it likely that higher pay will become a sustained trend, its former top economist Seisaku Kameda said.A growing number of big companies, including Uni
TOKYO : The Bank of Japan could tweak its yield control policy to dial back monetary stimulus this year if wage hikes spread beyond big firms, making it likely that higher pay will become a sustained trend, its former top economist Seisaku Kameda said.
The BOJ will likely scrutinise various data, such as the government's monthly wage data and union umbrella's surveys, later this year to gauge whether wage hikes have broadened enough to become sustained next year and beyond, he said. In a quarterly outlook report due at next week's policy meeting, the BOJ may slightly revise up its inflation forecasts for the fiscal year beginning in April as companies continue to pass on higher costs for a wide range of goods, Kameda said.
Markets are rife with speculation the BOJ will soon abandon its yield curve control policy and start raising interest rates, a view fuelled by its abrupt decision last month to widen the band around its 10-year yield target.
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