BOJ deputy chief urges 'balanced decision' on yield curve control

Uchida tempers expectations for a swift adjustment in policy

BOJ Deputy Gov. Shinichi Uchida was a central figure in designing the central bank's quantitative and qualitative easing policy introduced in 2013. (Photo by Satoko Kawasaki)

DAICHI MISHIMA and KENICHI ONOZAWA, Nikkei staff writers

July 7, 2023 00:00 JST

Updated on July 7, 2023 02:23 JST

TOKYO -- Japan should take a balanced approach on adjusting interest rates, Bank of Japan Deputy Gov. Shinichi Uchida told Nikkei in his first interview with the media since taking office in March.

Under yield curve control (YCC), the BOJ aims to keep yields on 10-year Japanese government bonds within 50 basis points on either side of 0%. Uchida said he was "very aware" of yield curve control's effect on market functions.