By Leika Kihara TOKYO (Reuters) - The Bank of Japan is under pressure to defend a new cap for long-term interest rates set just six weeks ago, as ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSTOKYO - The Bank of Japan is under pressure to defend a new cap for long-term interest rates set just six weeks ago, as Governor Kazuo Ueda's hawkish remarks heightened market expectations of a near-term end to its negative interest rate policy.
Ueda had described the 1% limit as a protective cap that likely won't be hit any time soon given a fragile economy. But his hawkish remarks have pushed up the 10-year JGB yield to a near decade-high of 0.715% on Tuesday. The outlook of next year's wages is therefore key. Japanese firms traditionally kick off their annual wage negotiations with unions in March. But some clues will be available this year.
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