In a review of its policy tools announced after a two-day meeting, the BOJ said it would allow long-term interest rates to move up and down by 0.25% around its 0% target, instead of by the current implicit band of 0.2%.
To give itself more room to wind down its massive stimulus, the central bank also removed an explicit guidance to buy exchange-traded funds (ETF) at an annual pace of roughly 6 trillion yen ($55.21 billion).
Instead of buying at a set pace, the BOJ said it would step in only when markets destabilise under a 12-trillion-yen ceiling set last year when the initial COVID-19 hit jolted stock prices.
Governor Haruhiko Kuroda brushed aside the view the moves were a prelude to a full-blown exit from years of ultra-easy policy, stressing that the tweaks instead would make his stimulus sustainable and more effective.
“We won’t tolerate yield fluctuations that would have an impact on our monetary easing,” Kuroda told a briefing. “We absolutely need to make sure the effect of our monetary easing isn’t hurt. We clarified that stance with our new guidance.”
The BOJ also created a scheme similar to that of the European Central Bank under which it pays up to 0.2% interest to financial institutions that tap its loan programmes.
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