TOKYO : The Bank of Japan must redefine its inflation target and phase out a radical yield-cap policy to mitigate mounting costs of prolonged monetary easing, Yuri Okina, a member of a key government panel and possible future BOJ executive, said on Friday.
"Given the strong side-effects, the BOJ must review its current policy when the appropriate time comes" by tweaking both the negative rate target and the 10-year yield cap, Okina told Reuters in an interview. "The 2 per cent inflation target shouldn't be considered a binding rule that prevents the BOJ from tweaking monetary policy even when it needs to," said Okina, a former central bank official.
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