Bond traders question BOJ’s yen target

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Bond market players questioned the Bank of Japan’s intention to keep their annual borrowing at 80 trillion yen ($ 704 billion) at meetings last month, given the slowdown in monetary base expansion.

Members of the bond market group consisting of brokers, banks and investors asked the Bank of Japan to share its monetary policy outlook with them. According to the June 20-21 meeting minutes, the Bank of Japan is approaching to exit from the record level monetary stimulus.

In the minutes, bond market participants said, “Creating a short and long-term monetary policy view, including the exit from the current monetary policy, is getting increasingly difficult for investors.”

The Bank of Japan maintained its relative dovish stance on monetary policy and argued that the Japanese economy needed more support to recover. Other central banks, including the Fed and the European Central Bank, are taking a more hawkish attitude.

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