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Free AccessMNI POLICY: BOJ Opinions: Flexible 10-Yr; Side-Effects Eyed
At least two Bank of Japan board members supported the view that the BOJ would tolerate wider movement in yields on the 10-year Japanese government bond at the January 20-21 policy meeting, according to a summary of opinions at the meeting released on Thursday.
One member said: "While monetary easing is expected to be prolonged, allowing 10-year Japanese government bond (JGB) yields to move upward and downward to some extent will meet the investment-management needs of financial institutions through market functioning, and thereby will contribute to financial system stability."
A different member said: "Even in a situation where 10-year JGB yields are allowed to move to some extent, the effects on economic activity are likely to be limited, since the proportion of funds that are affected by long-term interest rates is not high among those raised by firms and households."
The BOJ left its monetary policy unchanged at the meeting but the board's median forecast for real economic growth and inflation rate in fiscal 2021 was revised from three months ago.
MUST EXAMINE SIDE-EFFECTS
One member said: "It is necessary for the BOJ to make an assessment of the effects that the large-scale monetary easing has had on financial conditions and developments in economic activity and prices. The BOJ should also reassess the side effects on the functioning of financial intermediation and of financial markets while taking into account that such effects have the tendency to accumulate."
Another member said: "In the assessment, it is necessary to consider whether the BOJ can conduct monetary easing more effectively in terms of striking a balance between its positive effects and side effects."
A third member said: "One consideration behind the assessment, among others, is whether the Bank can conduct monetary policy more flexibly in a prioritized manner so that it can enhance the sustainability of such conduct during normal times and be nimble in responding to changes in circumstances."
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