Bank of Japan Deputy Governor Masazumi Wakatabe said he saw the benefits of ultr...
FILE PHOTO: Deputy Governor at the Bank of Japan, Masazumi Wakatabe, speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne
Years of heavy money printing by the BOJ have pushed down long-term interest rates near zero, adding to the squeeze on margins for Japan’s regional banks already suffering from a dwindling population and a lack of fund demand. “When I look at developments since we introduced quantitative and qualitative easing , the outcome is clearly positive,” he said, referring to the BOJ’s decision to adopt a massive asset-buying program in 2013.
After years of huge asset buying failed to fire up inflation to its 2 percent inflation target, the BOJ added yield curve control to QQE. Under the policy, it now guides short-term rates at minus 0.1 percent and long-term yields around zero percent.
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