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Bank of Japan officials rejected the concept of raising its 10-year government bond yield target in order to attain projected gains in Treasury yields, according to their January meeting seen Wednesday.
According to the minutes, policymakers stressed the BOJ should work only on reaching its 2% inflation goal, still a challenging target to achieve because of concerns regarding inflation projections and overseas economies.
The Japanese central bank increased its growth forecasts but cautioned the likelihood of hitting the inflation target remains still uncertain. It also retained its vow to steer the 10-year government notes about 0% and short-term rates at -0.1%.
