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Already assisting young people find their way to becoming self-reliant, getting them summer employment and helping them develop life skills, the Waukegan-based Youth Conservation Corps (YCC) is adding another dimension to the way it serves local youths.
At a two-day policy meeting, the BOJ kept intact its YCC targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote.
Even after the BoJ’s failure to lift the YCC cap on 10Y JGB yields once more after its December move, it seems the widely held view in the market is that that cap will have to be lifted, or removed altogether, at some point this year.
Hiroshi Namioka, chief strategist and fund manager at T&D Asset Management, who expects Ueda to scrap YCC at his first policy meeting in late April.
“One can assume that the BOJ are also one step closer to moving away from yield curve control (YCC), and logically one could argue that the BOJ would like to be able to lift rates and remove YCC concurrently.”
Source: https://business.inquirer.net/420608/yen-stands-tall-dollar-finds-floor-ahead-of-us-inflation
“One can assume that the BOJ are also one step closer to moving away from yield curve control (YCC), and logically one could argue that the BOJ would like to be able to lift rates and remove YCC concurrently.”
Source: https://business.inquirer.net/420608/yen-stands-tall-dollar-finds-floor-ahead-of-us-inflation
SG say their "main scenario", at a 50% probability is for the BOJ to make no change to the Yield Curve Control (YCC) policy at this meeting.
So, the BoJ should eventually adjust or abandon the YCC policy during the year and pave the way for policy rate normalisation in 2024.
The BOJ also made no changes to YCC, including a 0.5 per cent cap set for the 10-year yield target, despite criticism in the market that its heavy-handed intervention to defend the ceiling was distorting the shape of the yield curve.
There's plenty of 'inflation is transitory' thinking in Japan right now but there's an extremely strong argument to ease out of YCC on a risk-management approach from where I stand.
Under yield curve control (YCC), the BOJ sets a short-term interest rate target of -0.1 per cent and caps the 10-year bond yield around zero as part of efforts to reflate the economy and sustainably achieve its 2 per cent inflation target.
“We’re not at a stage where we can say clearly at what order, timing and interval it will happen,” Nakagawa said on how the central bank could end YCC.