EX-BOJ’S SAKURAI: BOJ WON'T MOVE ON YCC BEFORE JULY – MNI

In an interview with MNI, a former Bank of Japan (BoJ) board member, Makoto Sakurai, said that “the fall in bond yields and more stable yen affords incoming Bank of Japan governor Kazuo Ueda time to consider modifications to yield curve control, but no change is likely before July as policymakers monitor domestic and global growth and the outcome of wage negotiations.”

"The new governor Ueda well knows that he will lose everything if quick action spoils the economy and prices. So he will slowly go ahead with policy tweaks after properly ascertaining the outlook for the economy and prices, including the outlook for a virtuous cycle between wages and prices.”

"The most important issue is how Japan's economy and wages develop in the coming months and their outlook.”

“Underscoring the influential role wage negotiations will have in shaping the BOJ's thinking on whether the 2% inflation target can be achieved in a stable and sustainable manner.”