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The Bank of Japan (BOJ) must lower both short and long-term policy interest rates via ramping up purchases of Japanese government bonds (JGBs), the central bank’s board member Goushi Kataoka told business leaders in Maebashi City via an online meeting, per MNI.

Key quotes

“As for commitment, in order to prevent Japan’s economy from falling into deflation, further policy coordination of both fiscal and monetary policy is needed.”

“It was necessary for the BOJ to strengthen its policy commitment by relating the forward guidance for policy rates to price targets.”

USD/JPY reaction

USD/JPY was last seen trading at 106.80, up 0.14% on the day, heading back towards 107.00 amid the risk-on market profile.

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