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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 INTERVIEW2: New BOJ Loan Facility If Needed- Ex-Official
The Bank of Japan will consider a new lending facility to support banks if prolonged low interest rates start to impact financial intermediation, according to a former board member.
The BOJ's statement that it will act swiftly to ease further if necessary and "without hesitation" means that the bank would if needed consider a temporary emergency new facility as, Makoto Sakurai, who stepped down from the BOJ board on March 31, told MNI on Wednesday.
The Bank is now more aware of the side-effects of easy policy, said Sakurai, who did not elaborate as to what any new facility could look like.
With the first repayment of emergency Covid-19 loans by smaller companies coming due from May, commercial banks may have to increase loan-loss reserves, which in turn could undermine the smooth functioning of financial intermediation, Sakurai warned.
WARNINGS
The BOJ has of warned of potential shocks to the financial system since September 2016 when it first introduced yield curve control, Sakurai said, although he admitted that back then policymakers did not understand the side-effects of easy policy as well as they do now.
The BOJ board is now paying greater attention to wider financial system stability issues, he said.
To read the full story
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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.