New Bank of Japan Governor Kazuo Ueda's main challenge will be to phase out yield curve control (YCC), which has come under criticism for distorting markets by keeping long-term interest rates from rising.
An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki Christodoulouphase out yield curve control
To pull long-term rates back up, the BOJ adopted YCC eight months later by adding a 0% target for 10-year bond yields to its -0.1% short-term rate target. The bank has tapered bond buying in times of market calm to lay the groundwork for an eventual end to ultra-easy policy.As stubbornly low inflation forced the BOJ to maintain YCC longer than expected, bond yields began to hug a tight range and trading volume dwindled.
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