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Citi Sees Imminent End Of Yield Curve Control

BOJ
While most analysts (42 of 43 per the BBG survey) expect no change in Bank of Japan policy at the Jan meeting, with some risks mainly of a potential further widening of the Yield Curve Control band (from +/- 0.50% to perhaps +/- 0.75% or 1.00%), the only ones expecting a change are Citi's. And their base case is an outright abandonment of Yield Curve Control at the meeting.
  • They cite "the distortion of the yield curve and the need to fundamentally address it, as well as the relatively lower impact of abolishing YCC under Kuroda vs the next governor."
  • Citi sees 10Y JGB yields moving to 1% on that surprise, with 7s10s or 5s10s steepeners also having potential as the end of YCC may be accompanied by stronger QE and NIRP policy.
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