Two-thirds of economists see BOJ easing in October; deeper negative rates in focus: Reuters poll

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The Bank of Japan is laying the groundwork for deepening negative interest rates...

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TOKYO - The Bank of Japan is laying the groundwork for deepening negative interest rates, analysts polled by Reuters said, with two-thirds of respondents expecting the central bank to loosen monetary policy this month.

BOJ Governor Haruhiko Kuroda has said the central bank is edging closer to expanding stimulus as the trade war and slowing global demand cloud Japan’s economic outlook. Under a policy dubbed yield curve control , the BOJ pledges to guide short-term rates at -0.1% and the 10-year government bond yield around 0%. It also buys government bonds and risky assets to flood the economy with cash.

On other possible tools the BOJ could use, 17 said the central bank would tweak its forward guidance pledging to keep interest rates at current ultra-low levels at least until spring of next year, the poll showed. When asked what tools could be used to soften the blow on banks, 60% of those polled said the BOJ would tweak its tiered-system on reserves to increase the portion for which a 0.1% interest rate is offered to financial institutions.

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