By Leika Kihara TOKYO (Reuters) -Bank of Japan Governor Kazuo Ueda said considerations over the central bank's finances would not prevent it from phasing ...
By Leika Kihara TOKYO - Bank of Japan Governor Kazuo Ueda said on Saturday considerations over the central bank's finances do not prevent it from implementing necessary monetary policy stepsChurch Brewing: where the customers are the congregation and the choir | SaltWireTOKYO -Bank of Japan Governor Kazuo Ueda said considerations over the central bank's finances would not prevent it from phasing out its massive monetary stimulus when the appropriate time comes.
Speaking at an academic seminar on Saturday, Ueda said the BOJ's profits will be squeezed when it raises interest rates because doing so would increase interest rate payments it makes to financial institutions' reserves parked at the central bank. "The objective of the Bank's monetary policy is achieving price stability, which is its mission as stipulated by law. Considerations of the Bank's finances, etc. do not prevent it from implementing necessary policies," Ueda said in a speech at an annual meeting of the Japan Society of Monetary Economics.
Under a policy called yield curve control , the BOJ guides short-term interest rates at -0.1% and caps the 10-year government bond yield around 0% to reflate growth and push up inflation sustainably around its 2% target. It also maintains a massive asset-buying programme deployed in 2013.
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