Opposition lawmakers are grilling the BOJ regularly for allowing the currency to weaken and push up living costs, putting Prime Minister Fumio Kishida in a hot spot ahead of an upper house election scheduled in July.
"The BOJ has been keeping rates zero since 1990. Rising raw material costs have come on top of this. It's time the BOJ alter its weak-yen policy," opposition lawmaker Akio Fukuda told deputy governor Masayoshi Amamiya - seen as a strong candidate to succeed Kuroda - in parliament on Tuesday. Former BOJ deputy governor Hiroshi Nakaso, also seen as a front-runner to become next governor, weighed in by describing former premier Shinzo Abe's "Abenomics" policies as having been overly reliant on radical monetary stimulus.Although a rate hike won't come any time soon, the shift in public mood puts the BOJ under pressure to have a plan ready for in case it needs to tweak its yield cap.
"There's a chance the BOJ could fine-tune yield curve control later this year, if the yen falls too much."
Source: News Formal (newsformal.com)
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