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MNI BRIEF: BOJ's Uchida: Widening 10-Yr Rate Same As Rate Hike

(MNI) Tokyo
TOKYO (MNI)

The remarks were made before lawmakers.

PolicyAPACBank of Japan (BOJ) Market NewsJapanCentral BankBank of JapanBriefStoryPolicy StoryRegion

A senior Bank of Japan official said on Tuesday that widening the 10-year interest rate range setting of plus/minus 0.25% is equivalent to raising interest rates and it is undesirable for Japan’s economy facing downside risks.

Shinichi Uchida, the BOJ executive director in charge of monetary policy told lawmakers that it is important to support economic activity as Japan’s economy is in a process of recovering from Covid-19. He added that it is appropriate for the BOJ to maintain the current stance of keeping the 10-year rate around zero percent.

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A senior Bank of Japan official said on Tuesday that widening the 10-year interest rate range setting of plus/minus 0.25% is equivalent to raising interest rates and it is undesirable for Japan’s economy facing downside risks.

Shinichi Uchida, the BOJ executive director in charge of monetary policy told lawmakers that it is important to support economic activity as Japan’s economy is in a process of recovering from Covid-19. He added that it is appropriate for the BOJ to maintain the current stance of keeping the 10-year rate around zero percent.