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TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda said Tuesday that he
is "not at all" considering raising the 10-year bond yield from the current
target of around zero percent "for the time being" as the bank is still far from
achieving its 2% inflation target.
"I'm not saying we will stick to the 10-year yield target at all cost until
we achieve the 2% price stability target, but for the time being, we are not
considering changing the 10-year yield target at all," Kuroda told a
Under the yield curve control framework adopted in September 2016, the BOJ
is trying to stabilize the 10-year government bond yield, the benchmark for
long-term borrowing costs, at around zero percent and keep the overnight
interest rate at -0.1%.
Kuroda said the BOJ board's decision last month to stop publishing its
estimate for when it can achieve the 2% inflation target isn't directly linked
to the board's discussion on the side-effects of prolonged large-scale monetary
He added that the decision is aimed at stressing the point that the
timeframe for achieving the 2% target is a forecast, not a rigid time limit.
Until the bank's April 26-27 meeting, the latest, often-delayed timeframe
was to hit the target "around fiscal 2019."
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