The Bank of Japan decided to lift its negative interest rate policy at this month's monetary policy meeting, but prior to this, as of the January meeting, there had been active discussions regarding the timing and specific methods of lifting the policy. I found out that
At a meeting held this month, the Bank of Japan decided to make a major shift in monetary easing measures, and two months earlier, the Bank of Japan released the minutes of its January meeting.
According to the report, members said, ``Currently, we are in a once-in-a-lifetime situation where monetary policy needs to be changed,'' and ``We need to take the right decision at the right time to lift negative interest rates, and if the decision is delayed, the 2% price target will be realized. Opinions such as "there is a risk of damage" were expressed.
There was also a consensus that it is important to organize the points to keep in mind when changing policies and the basic thinking behind policy management, and specific methods for doing so were also discussed.
Among them, ``The Bank of Japan will increase the interest rate on current account deposits held by financial institutions by +0.1%, and will encourage the uncollateralized call rate to remain in the range of 0% to 0.1%,'' and ``When reviewing yield curve control. ``There is a need to consider certain measures to curb the sudden rise in long-term interest rates.''
It appears that as of January this year, there was active discussion among the Bank of Japan's policy committee regarding the timing and specific methods for lifting the negative interest rate policy.