Gov't Sought Adjournment Of Bank Of Japan Meet In Dec. 2022

Government representatives attending a Bank of Japan (BOJ) policy meeting in December made a rare request to adjourn the meeting before the central bank stunned financial markets with its decision to expand the trading range for long-term bond yields, minutes showed, Mainichi Shimbun reported.

Photo Insert: Governor Haruhiko Kuroda, who chaired the Dec. 19-20 meeting, accepted the request to break for 30 minutes made after the Policy Board discussed the idea of widening the band for 10-year Japanese government bond yields.

Governor Haruhiko Kuroda, who chaired the Dec. 19-20 meeting, accepted the request to break for 30 minutes made after the Policy Board discussed the idea of widening the band for 10-year Japanese government bond yields, which later led the yen and yield to surge as financial markets took it as an effective rate hike by the dovish central bank.

The meeting was adjourned from 10:51 a.m. to 11:28 a.m. on Dec. 20. One of the two government representatives in the meeting called for the BOJ to carefully explain the intent of the policy tweak, according to the minutes.

Finance Minister Shunichi Suzuki revealed Monday he was notified by the official who attended the December policy meeting of the BOJ decision to raise the bond yield ceiling before it was announced publicly.

The nine-member Policy Board includes Kuroda, two deputy governors and six other members.

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