BOJ should make yield control flexible to sustain easy policy -July mtg summary

TOKYO :The Bank of Japan should make its yield curve control policy more flexible until an exit from monetary stimulus comes into sight, one board member was quoted as saying in a summary of opinions at the bank's July policy meeting released on Monday.

Other members of the board also called for yield curve control to become more flexible to sustain ultra-looose policy, while mitigating side effects such as the strain the BOJ's huge bond buying inflicts on markets, the summary showed. "It is important to aim at keeping long-term interest rates stable at low levels in order to achieve the BOJ's 2 per cent inflation target early. Until the likelihood of achieving the price stability target rises sufficiently, the Bank needs to maintain yield curve control while conducting it with greater flexibility," one member was quoted as saying.

"Achievement of 2 per cent inflation in a sustainable and stable manner seems to have clearly come in sight. In order to continue with monetary easing smoothly until an exit, the Bank should allow greater flexibility in its conduct of yield curve control," another opinion showed. At the July meeting, the BOJ kept its yield targets unchanged but took steps to allow interest rates to rise more freely in line with increasing inflation and economic growth.

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