The Bank of Japan emphasized the need to maintain its current monetary policy, according to the Summary of Opinions from its last meeting, published Thursday.
"The Bank needs to continue with the current yield curve control, considering the outlook that it will take time to achieve the price stability target of 2 percent," Bank of Japan said.
Nationwide core inflation in Japan reached 4% in December, the highest annualized print since December 1981, according to data released last week.The Bank of Japan emphasized that it wants to maintain its current monetary policy, including leaving its yield curve control unchanged, according to theThe "yield curve control" refers to a policy of the Japanese central bank that's designed to keep the 10-year yield on Japanese Government Bonds within 0.5 percentage points of zero.
The central bank continued its operations to purchase Japanese government bonds in response to upward pressure on yields. The "There has been upward pressure on long-term interest rates, and the distortions on the yield curve have not dissipated," the BOJ said in its Summary of Opinions, mentioning additional purchases of JGBs as one of many possible actions it can take to keep the yield curve within its preferred range.
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