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☆ Analysis: BOJ bullishness on wages suggests days of super-low rates are numbered
▼ + stars: | 2023-01-19 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

Kuroda likely put YCC on life support so his successor can strategise an orderly exit, said former BOJ official Nobuyasu Atago. He said the bank could raise the 0.5% yield cap to as high as 1% around mid-year and ditch negative rates by year's end. The parent of casual clothing giant Uniqlo says it will raise wages as much as 40%. "If the BOJ ends negative rates, that would widen the spread between deposit and lending rates so would definitely be positive for us," he said. With YCC creaking under market pressure, the BOJ may not be able to wait too long.

☆ Analysis: Kuroda's abrupt policy tweak opens door for bigger shift next year
▼ + stars: | 2022-12-21 | by ( Leika Kihara | ) www.reuters.com time to read: +6 min

Waiting until next year would have forced the BOJ to combat intensifying market speculation of a near-term policy shift, or act when a deep U.S. recession could hit Japan's economy, they say. "When uncertainty is so high over the outlook for U.S. monetary policy, it probably wants to have a free hand on when next to act." POLITICS KEY TRIGGERThe abrupt timing of Tuesday's move also reflects growing political pressure for the BOJ to shift away from a policy narrowly focused on its 2% inflation target, the sources say. Hours before he met Kishida, Kuroda explained in parliament a framework on how the BOJ could exit ultra-easy policy in the future. Another dovish board member, Asahi Noguchi, also said earlier this month it "won't be surprising" for the BOJ to shift monetary policy.

From Tuesday, Japan will reinstate visa-free travel to dozens of countries, ending some of world's strictest border controls to slow the spread of COVID-19. Just over half a million visitors have come to Japan so far in 2022, compared with a record 31.8 million in 2019. GHOST TOWNNarita Airport, Japan's biggest international airport some 70 kilometres from Tokyo, remains eerily quiet, with about half of its 260 shops and restaurants shuttered. Whether overseas visitors wear face masks and abide by other common infection controls in Japan is another concern. "From the start of the pandemic until now, we've had just a few foreign guests," said Tokyo innkeeper Sawa.

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