TOKYO, June 26 (Reuters) - The Bank of Japan should discuss revising its yield curve control (YCC) policy at an early stage, a board member was quoted as saying at a June policy meeting, a summary of opinions at the rate review released on Monday.
While the central bank should keep overall monetary policy ultra-loose, it should debate tweaking YCC to improve market function and mitigate its "high cost," the member was quoted as saying.
It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC.
"The Bank should maintain the overall framework of monetary easing for the time being," the member said.
At the June meeting, the BOJ maintained ultra-easy monetary policy including its YCC targets - set at -0.1% for short-term interest rates and around 0% for the 10-year bond yield.
Persons:
Naoki Tamura, Kazuo Ueda, Leika, Shri Navaratnam, Sam Holmes
Organizations:
Bank of Japan, Thomson
Locations:
TOKYO