Markets are rife with speculation that Kazuo Ueda, the new Bank of Japan governor, will dismantle his predecessor Haruhiko Kuroda's massive stimulus program.
But he also said there was no “magical” policy that cures economic woes, a sign he will shift away from his predecessor’swith a strong focus on achieving the BOJ’s 2% inflation target.
The remark suggests Ueda may seek to end YCC in a single blow, rather than in several stages, some analysts say. “The BOJ must come up with a strategy towards an exit,” he said, adding that US and Australian central banks “got the job done with a single adjustment” when they ended yield control. “The BOJ could expand the allowance band around its yield target as early as June. But a full-blown overhaul of YCC and end to negative rates might take years,” he said.
In any case, Ueda will likely deliver clearer guidance on the future policy path than Kuroda, who at times was criticized for wrong-footing markets with abrupt policy changes.
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