At a meeting this month, the Bank of Japan must be ready to work further to improve market functions if needed, underscoring the bank's concern over the rising cost of its bond yield control policy, according to a central bank policymaker.
The debate underscores the challenge that incoming BOJ Gov. has been because of the fact that global banking woes have taken some upward pressure on long-term interest rates. Kazuo Ueda faces a lot of challenges when it comes to keeping borrowing costs low, without draining market liquidity with aggressive bond buying.
The BOJ maintained its ultraloose policy at the March meeting, including a controversial 0.5% cap for the 10 year bond yield that had come under attack from markets betting on a near-term interest rate hike.
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