Bank of Japan Governor Kazuo Ueda recently stated that the central bank will flexibly conduct government bond operations based on market conditions to ensure the smooth functioning of financial markets. This remark comes amid continued uncertainty over the path of Japan’s monetary policy normalization. Ueda emphasized that although Japan has ended its negative interest rate policy, the BOJ will not rush into aggressive tightening but will closely monitor inflation, wage growth, and overall economic trends. Against a backdrop of heightened global financial market volatility and widening divergence in monetary policies between the U.S. and Europe, the BOJ aims to maintain the effectiveness of its Yield Curve Control (YCC) policy by flexibly adjusting the pace and scale of bond purchases, thereby preventing excessive fluctuations in long-term interest rates. Ueda also noted that the central bank would not hesitate to take appropriate measures if market liquidity tightens or market functioning deteriorates. This stance signals that the BOJ will remain highly cautious in its exit from ultra-loose monetary policy, seeking a careful balance between supporting economic recovery and mitigating financial risks.
日本央行行长植田和男近日表示，日本央行将根据市场状况灵活开展国债操作，以确保金融市场的稳定运行。这一表态是在日本货币政策正常化路径仍不明朗的背景下作出的。植田强调，尽管日本已结束负利率政策，但央行不会急于大幅收紧货币政策，而是会密切关注通胀、薪资增长及经济整体走势。在当前全球金融市场波动加剧、美欧货币政策分化扩大的环境下，日本央行希望通过灵活调整购债节奏和规模，维持收益率曲线控制（YCC）政策的有效性，同时避免长期利率过度波动。植田还指出，若市场出现流动性紧张或功能紊乱，央行将毫不犹豫地采取适当措施。这一立场表明，日本央行在退出超宽松政策的过程中仍将保持高度谨慎，力求在支持经济复苏与防范金融风险之间取得平衡。
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