[Takatoshi Ito] How risky is Japan‘s monetary-policy normalization?
Last month, the Bank of Japan took its first important step toward monetary-policy normalization. The BOJ ended its negative interest-rate policy, setting the policy rate between 0.0 percent and 0.1 percent. It abandoned yield-curve control, which had been introduced to keep the ten-year government bond yield around 0 percent. And it announced that it would taper off new purchases of exchange-traded funds and real-estate investment trusts, but maintain the current pace of government-bond purchas
April 25, 2024