Kiuchi is a dissenter, so comments not surprising from him
- Must make 2 pct inflation medium- to long-term target
- Shouldn't persist in strengthening monetary easing, instead ensure real long-term rates remain low stably
- Must normalise BOJ's unconventional monetary easing steps at appropriate timing
- Must carefully watch for potential demerits of ultra-easy policy
- Yield curve control has some merits such as making room for slowdown in BOJ's JGB purchases
- There is risk yield curve control could lead to acceleration of BOJ's bond buying pace
- Hard to guide market operations stably if BOJ sets target for both interest rates and quantity of money printing
- Trying to control long-term rate levels could destabilise economy
- Won't be easy to change BOJ's yield curve target
- Frequently changing BOJ's yield curve target could erode market trust in BOJ's target, destabilise markets
- It would be very problematic to raise yield curve target in near future with inflation still low
- BOJ likely to face difficulty buying bonds if it continues current pace of bond buying