Any review likely won’t have immediate policy implications, and instead focus on structural factors such as lessons drawn from the Bank of Japan’s long battle with deflation
The Bank of Japan may conduct a comprehensive review of the impact of the monetary easing steps it has taken over the longer term, an idea recently flagged by its new governor Kazuo Ueda, three sources familiar with its thinking said.
Any review likely won’t have immediate policy implications, and instead focus on structural factors such as lessons drawn from the BOJ’s long battle with deflation, the sources said. “But it won’t change the BOJ’s stance of patiently maintaining ultra-loose monetary policy, with an eye on its side effects,” he said.
Among others in the board, former commercial bank executive Naoki Tamura has called for a review of the BOJ’s policy, including the side-effects of prolonged easing. The second was in 2021, when the BOJ took steps to address the side-effects of YCC such as allowing long-term yields to move more flexibly around its target.
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