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Cooking Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingshortsTOKYO - A recent surge in global interest rates is heightening pressure on the Bank of Japan to change its bond yield control next week, with a hike to an existing yield cap set just three months ago being discussed as a possibility.
The BOJ remains a global outlier having maintained ultra-loose monetary stimulus even as major central banks elsewhere rapidly raised interest rates to fight rampant inflation. "It's true Japanese long-term interest rates are rising more than expected," said one of the sources. However, discussions surrounding the fate of yield curve control will likely intensify as rising inflation heightens market expectation of a gradual phase-out of the BOJ's massive stimulus.
The Nikkei newspaper reported on Sunday tweaks to YCC, such as raising the 1% ceiling or removing the allowance band set around the 0% target, are emerging within the BOJ as possible options for this month's meeting. While the BOJ is likely to hold off ending negative rates or dismantling YCC altogether, it may be compelled to tweak the framework again depending on market moves, some analysts say.
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