BoJ unwinds NIRP in first step towards bringing back positive interest rates
Key points
- BoJ winds down NIRP and YCC after concluding that achievement of 2% price target is "in sight"
- JGB purchases will continue, but future purchases will be determined "while taking account of factors such as market developments and supply and demand conditions for JGBs"
- With end to QQE, Bank returns to conventional monetary policy framework of guiding short-term interest rates
