The Bank of Japan on Friday eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies.
The central bank has for years embarked on a process known as yield curve control where it allows government bonds to move in a narrow band as part of a drive to boost the long-struggling economy.
But it will "conduct yield curve control with greater flexibility regarding the upper and lower bounds of the range as references, not as rigid limits", the bank said. "If the long-term interest rate were to be rigorously capped at 0.5 percent, that could affect the way the bond market functions or bring more volatility in the financial market," he said.- YCC tweak 'a cushion' -
The BoJ took a similar measure in December when it expanded the YCC range to around plus or minus 0.5 percentage points, from a range of plus or minus 0.25 percentage points.
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