The Bank of Japan will 'certainly' reduce short- to medium-term intere...
WASHINGTON - The Bank of Japan will “certainly” reduce short- to medium-term interest rates if it needed to ease monetary policy, Governor Haruhiko Kuroda said, suggesting that deepening negative rates will be the primary tool to fight heightening overseas risks.
“If we need further easing of monetary conditions, we would certainly reduce short- to medium-term interest rates. But we don’t want to reduce super-long interest rates,” he said on Saturday after attending the International Monetary Fund and World Bank meetings. Under a policy dubbed yield curve control , the BOJ guides short-term rates at -0.1% and 10-year bond yields around 0% in an effort to achieve its elusive 2% inflation target. It also buys government bonds and risky assets such as ETFs.Markets are rife with speculation the BOJ could ease at its Oct. 30-31 meeting, after it signaled last month the chance of imminent action by warning of escalating overseas risks.
While repeating that the BOJ won’t hesitate to ease if the economy’s momentum toward achieving its 2% inflation target is weakened, Kuroda said he had no pre-set idea on when to act.
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