At BOJ’s April meeting, one member flagged tweak to YCC conduct – minutes

(Reuters) – Bank of Japan (BOJ) board members agreed to keep ultra-low interest rates at Governor Kazuo Ueda’s debut meeting in April, but one member said it could consider revising the conduct of yield curve control, minutes of the meeting showed on Wednesday.

“One member pointed out that there were many market views that market functioning remained low, including the functioning of Japanese government bond (JGB) yields as reference rates,” the minutes showed.

“On this basis, the member said that yield curve control seemed, in some aspects, to have hampered smooth financing and the bank could consider revising its conduct at this time. However, it was appropriate to wait and see a little longer in light of the situation in global financial markets,” it said.

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