The International Monetary Fund urged the Bank of Japan to consider steps to eas...
TOKYO - The International Monetary Fund urged the Bank of Japan to consider steps to ease the strains caused by its ultra-loose policy on financial institutions, such as targeting a shorter maturity for its long-term bond yield target.
“Strengthening the effectiveness of coordination between monetary and fiscal policy remains a high priority,” the IMF said in its Article 4 policy proposal to Japan on Monday. “The BOJ’s accommodative stance needs to continue to support reflation and growth. At the same time, financial sector oversight should be strengthened to mitigate rising financial stability risks,” she said after the Article 4 consultations.
BOJ Governor Haruhiko Kuroda has repeatedly said if the central bank were to ease, it would seek to do so without causing an excessive fall in super-long yields. He believes that one way to keep long-term yields from falling too much could be for the government to issue more super-long bonds.
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