BOJ signals its defiance of monetary policy critics

Tokyo

BANK of Japan (BOJ) deputy governor Horoshi Nakaso indicated on Thursday that the central bank is ready to push ahead with its increasingly controversial monetary policies despite growing opposition from Japanese commercial banks and some politicians.

The BOJ "deemed it appropriate to scrutinise the policy effects" of negative interest rates introduced in February, "but that does not rule out the possibility of taking additional policy steps", Mr Nakaso said as the central bank prepares for a meeting of its Policy Board next week.