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Bank of Japan

New BOJ chief Ueda backs ultraeasy policy as he takes helm

Governor says Japan has green shoots for sustained inflation

New Bank of Japan Gov. Kazuo Ueda commits to maintaining the unconventional monetary policy of the last 10 years.   © Pool photo/Reuters

TOKYO -- New Bank of Japan Gov. Kazuo Ueda on Monday underlined his intention to maintain the unconventional monetary policy of the last 10 years, noting that a sudden shift in monetary policy would cause disruption to the financial system.

More specifically, Ueda backed yield curve control (YCC) and negative rates -- two of the most controversial elements of Japan's monetary policy. YCC is a policy of pegging 10-year Japanese government bond yields around zero, while the negative rates policy (NIRP) keeps short-term rates at minus 0.1%.

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