The Bank of Japan's negative interest rate policy has had little positive i...
TOKYO - The Bank of Japan’s negative interest rate policy has had little positive impact on the economy and prices, over half of economists surveyed by Reuters said.
That explains why a majority of the polled economists expect the next move by the BOJ would be to taper its massive stimulus, possibly sometime next year. “Negative rates may have had some positive effects on financial and property markets. But the side-effects, such as the hit to banks’ earnings, have also been big,” said Mitsumaru Kumagai, chief economist at Daiwa Institute of Research.
The ratio of those who predict the BOJ’s next move to be an expansion of stimulus stood at 33%, down from the previous month’s 39%. That view was backed by a Reuters poll predicting that the BOJ will keep monetary policy steady and nudge up its economic growth forecast at a two-day rate review ending on Tuesday, signaling that no immediate easing was forthcoming despite lingering overseas risks.Under a policy dubbed yield curve control, the BOJ guides short-term rates at -0.1% and the 10-year government bond yield around 0% via aggressive asset buying.
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