The Bank of Japan’s latest move is a tightening of monetary policy

I don't know if you saw the blurb on the Bank of Japan's policy changes recently. But I thought I would point it out because it has gone mostly unremarked.
Japan's new long-term rate corridor
Here's how Reuters is covering it:
The Bank of Japan may allow long-term interest rates to creep up to around 0.4 percent under new guidance introduced last month, which lays the groundwork for “stealth” rate hikes, the central bank’s former executive Hideo Hayakawa said on Thursday.

The BOJ kept its yield targets steady last month but said it will allow long-term rates to move more flexibly around its zero percent target, a nod to criticism its heavy buying was shrinking bond market liquidity.

BOJ Governor Haruhiko Kuroda said long-term rates would now be allowed to move at double the range previou...


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