Bank of Japan (BOJ) Governor Haruhiko Kuroda on Monday brushed aside the chance of a near-term exit from ultra-loose monetary policy, although markets and policymakers are signalling an increasing focus on what comes after Kuroda's tenure ends.
Investors have continued to push up Japanese government bond yields on expectations the BOJ will phase out its yield control under a new governor when Kuroda's second five-year term comes to a close in April of next year.
"It's something for after the new BOJ governor is decided," Kishida said in a seminar, referring to possible changes the government might seek to its joint statement with the BOJ that commits the central bank to hitting a 2% inflation target at the earliest date possible.with a surprise widening of the allowance band around its 10-year JGB target, a move that aimed at easing some of the cost of prolonged stimulus.
"This is definitely not a step toward an exit. The Bank will aim to achieve the price target in a sustainable and stable manner, accompanied by wage increases, by continuing with monetary easing under yield curve control," Kuroda said in a speech delivered to the business lobby Keidanren. "Labour market conditions in Japan are projected to tighten further, and firms' price- and wage-setting behaviour is also likely to change," Kuroda said.
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