TOKYO – The Bank of Japan maintained ultra-low interest rates on Friday but took steps to make its yield curve control policy more flexible, underscoring a growing concern over the rising side-effects of prolonged monetary easing.
At the two-day meeting that ended on Friday, the central bank kept unchanged its short-term interest rate target at -0.1 percent and that for the 10-year government bond yield around 0 percent.
It also maintained guidance allowing the 10-year yield to move 0.5 percent up and down each around the 0 percent target, while saying those would be “references” rather than “rigid limits”.
The BOJ also said it will offer to buy 10-year Japanese government bonds (JGB) at 1 percentin fixed-rate operations, instead of the previous rate of 0.5 percent.
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