TOKYO : Japan raised its estimates for long-term interest rates over the coming few years in twice-yearly fiscal projections issued on Tuesday, following the central bank's move last month to allow 10-year bond yields to move more widely.The latest projections also showed Japan would miss its key budget-b
TOKYO : Japan raised its estimates for long-term interest rates over the coming few years in twice-yearly fiscal projections issued on Tuesday, following the central bank's move last month to allow 10-year bond yields to move more widely.
The government has been relying on rock-bottom borrowing costs for a decade under Bank of Japan Governor Haruhiko Kuroda's aggressive monetary stimulus. Despite the intense burst of monetary stimulus and flexible fiscal spending, Japan's economy has only grown on average around 1 per cent in the past decade while Kuroda served at the helm of the central bank.
Long-term rates will rise from 0.3 per cent seen this fiscal year to 0.4 per cent in 2023-2025 before rising eventually to 3.1 per cent in fiscal year 2032, at the end of the forecast period, the projections showed.
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