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BOJ’s Miyao says it’s vital to keep long and short-term interest rates on a stable path
BOJ board member on the wires; it’s BOJ policy to keep interest rates on downward path even if there is upward pressure from recovery expectations; BOJ will continue to pursue flexbile market operations; recent rise in US interest rates and Japanese stock prices my have contributed to rise in JGB yields; BOJ is firmly committed to QE as long as needed to achieve 2% inflation target; USDJPY higher at 101.96 still premature to design smooth exit strategy that makets can anticipate; BOJ has framework of flexible inflation target. It won’t guide polict rigidly to achieve target at any cost; still see more downside ... (full story)