MNI BRIEF: Econ. Remains For From 2% Target - Uchida

Bank of Japan Deputy Governor Shinichi Uchida said on Wednesday there is still a long way to go before the BOJ can change its easy policy stance.

“Adjustments are required in order to continue with monetary easing," Uchida told business leaders in Chiba City. "Patiently continuing with such easing is of the utmost importance for now and to this end the BOJ will conduct yield curve control with greater flexibility.”

The BOJ board decided last week to increase the flexibility of the 10-year long-term policy interest rate, but kept yield curve control without changing both the short- and long-term policy interest rate targets. (see MNI BRIEF: BOJ On Hold; Makes 10-Yr Rate Moves More Flexible)

Uchida also noted the BOJ’s decision to conduct YCC with greater flexibility was aimed at being able to continue easing while nimbly responding to upside and downside risks, noting the Bank did not have "an exit from monetary easing in mind.”