Many Bank of Japan (BOJ) board members agreed that the country’s long-term interest rates should be set by the markets, with some saying the central bank should at some point slow the pace of bond buying, it showed from the minutes of their March policy meeting. .
At its March meeting, the BOJ ended eight years of negative interest rates and controls on bond yields, marking a historic shift away from its long-standing radical stimulus program.
“With regard to yield curve control, many members felt it was appropriate for the Bank to change its framework. These members shared the opinion that long-term interest rates would in principle be determined by the financial markets,” the minutes show.
