The Bank of Japan (BOJ) must maintain its ultra-loose monetary policy for now to allow time to see whether the recent rise in inflation will be accompanied by higher wages, its board member Naoki Tamura said on Wednesday.
"We're now in a phase where we need to scrutinise whether Japan can achieve a positive wage-inflation cycle. As such, it's appropriate to maintain monetary easing for now," said Tamura, who is seen by markets among those in the board more keen to phase out the central bank's massive stimulus.
Kazuo Ueda, an academic nominated by the government as Kuroda's successor, will speak in parliament on Friday and next Monday, giving markets their first glimpse of his views on how soon the BOJ could phase out YCC. Facing pressure from rising global interest rates, the BOJ was forced to raise in December the implicit cap for its 10-year yield target to 0.5% from 0.25% - a move that fuelled market expectations of a near-term tweak to YCC.
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