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Bank of Japan board member Hitoshi Suzuki says the BOJ must minutely assess not only the positive effects of monetary easing but also its side effects.

"For monetary easing measures to have a sustained impact, maintaining the stability of the financial system is indispensable," Suzuki told business leaders in Shimonoseki City via an online conference on Wednesday.

"Therefore, it is necessary to assess minutely not only the positive effects of monetary easing on economic activity and prices but also its side effects on the functioning of financial intermediation and financial markets that accumulate over time,"

He also said, "While closely monitoring the impact of COVID-19, it will consider a further extension of the Special Program and take additional easing measures if necessary."

"The BOJ made clear that the range of 10-year JGB yield fluctuations would be between around plus and minus 0.25%. This is important for maintaining the price stabilization function in the bond market," Suzuki said.