More from Bank of Japan Governor Ueda:

  • Don't expect 10-year JGB yield to rise sharply above our 1% reference even if yields come under upward pressure
  • We will consider ending YCC, negative rate if we can expect inflation to stably, sustainably hit price target
  • In what order, what part we will change policy will depend on economic, price, market developments at the time


  • Making strong comments now on how we could change policy could have unintended consequences in markets
  • When market expectations of future rise in long-term yields heighten, it is hard to deal with fine-tuning of YCC alone
  • Keeping yields across the curve low with monetary easing has had big positive effect on economy by stimulating demand, creating jobs
  • US Fed may at some point cut interest rates if effect of monetary tightening up till now works its way through US economy
  • If any US rate cut is a result of soft landing in US economy, that could have positive impact on Japan's economy


ueda boj Bank of Japan