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Masayoshi Amamiya, Deputy Governor of the Bank of Japan, said on the 8th that the Bank of Japan would induce long-term interest rates to around 0% under the control of the yield curve (YCC, long-term interest rate manipulation and short term). can move up and down more. “
Haruhiko Kuroda said on the 5th that he “does not believe that it is necessary to broaden the permissible range of fluctuations in long-term interest rates (up and down 0.2%).”There is a temperature difference with the statement. Lieutenant Governor Amemiya claimed that Kuroda’s comments were an individual idea and that he was the opinion of the Lieutenant Governor himself.
In response to statements by Vice President Amemiya, bond futures contracted overnight.
Hideo Kumano, Daiichi Seimei Keizai Kenkyusho’s chief economist, noted that he simply expressed his personal opinion before the inspection that the tone of the comments by Governor Kuroda and Lieutenant Governor Amemiya was different. He noted that the lieutenant governor’s idea “may change after the policy controls discussions at the decision-making meeting.”
The market accepts that the possibility of widening fluctuations persists, and Amemiya comments: Mitsubishi Morgan
Vice President Amemiya also explained: “We plan to reduce long and short-term interest rates when necessary.” On the other hand, he also pointed out that “higher lower interest rates may affect the function of financial intermediary” and “allow reducing long and short-term interest rates considering the possible impact on the function of financial intermediary.” appropriate. “
Regarding the purchase of exchange-traded funds (ETFs), he said: “We will further analyze the difference in effect depending on the situation.” I want to think if I can go. “
The policy verification will be announced after the monetary policy meeting on the 18th and 19th. YCC’s policy management and review of ETF-focused asset purchase methods is being considered.
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(Rewrite focusing on the differences between the statements of Vice President Amemiya and President Kuroda.)
