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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: BOJ Can Widen 10-Yr Target, Shorten Target - IMF
The Bank of Japan could increase long-term yields, widen the 10-year target band and/or raise the 10-year target, shorten the yield curve target as viable policy options, the International Monetary Fund said in its latest Article VI review, published Thursday. The Washington-based fund said that the BOJ could also shift “from a JGB yield target to a quantity target of JGB purchases," although the central bank would need to carefully assess the pros and cons of each strategy.” (MNI INTERVIEW: New BOJ Gov Must Quash Normalisation Talk-Momma)
“Moving to a shorter-term yield target would help ensure that the short-term yields (which matters more for real activity) continue to stay low until the 2% target is durably achieved, but the BoJ may face similar costly side-effects that come with targeting a particular yield level,” the IMF said.
The IMF said an accommodative monetary policy stance "remains appropriate" but needs to be supported by other policies to achieve the 2% inflation target sustainably, including policies to improve productivity and real wages. However, the IMF warned that given two-sided risks to inflation, "more flexibility in long-term yields would help to avoid abrupt changes later.” (MNI INTERVIEW: BOJ To Wait Until Aug To Gauge Wages - Momma)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.