The Bank of Japan (BOJ) may raise a cap set around its 10-year bond yield target to 0.75% or double it to 1.0% by around mid-year if inflation overshoots its expectations, Columbia University academic Takatoshi Ito said on Thursday.
Any such move would not happen at least until April, when the BOJ issues fresh quarterly inflation forecasts under a new governor who succeeds incumbent Haruhiko Kuroda, he said.
If the economy improves and inflation remains elevated, the BOJ will likely tighten monetary policy, which will start out by steps to steepen the yield curve, Ito said. "Raising the yield cap to 0.75%, or to 1.0%, is certainly a possibility as the next step" toward normalising the BOJ's ultra-loose monetary policy, he told Reuters in an interview.
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