BoJ unlikely to change policy further this year, analysts say

Central bank needs time to review situation after surprise yield curve move

Kazuo Ueda
Kazuo Ueda
Photo: Wikimedia/内閣官房内閣広報室 (

The Bank of Japan is unlikely to further change its ultra-loose monetary policy this year, after adjusting its yield curve control (YCC) policy on July 28, analysts say.

In a surprise move, the BoJ’s policy board decided last Friday to keep short-term rates at -0.1% while conducting YCC with “greater flexibility”.

While the BoJ will continue to allow yields on 10-year Japanese government bonds (JGBs) to fluctuate between 50 basis points below or above 0%, it will only treat the ceilings as a

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