Former BOJ official says the BOJ will keep its easy policy for many quarters ahead

Kazuo Momma was head of monetary policy at the Bank of Japan. He was interviewed on Bloomberg TV today, Monday, 4 July 2022 .

In brief he affirmed what Bank of Japan Governor Kuroda has been saying that easy policy will be maintained:

• likely to keep its current monetary easing program “for many quarters to come”
• to ensure economic recovery
• to chase the Bank's target of sustainable 2% inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term
• “There’s a good case for the BOJ to be sticking to the current yield curve control for the rest of this year or even after that"

YCC is coming under pressure. While the Bank has bought vast quantities of 10yr JGBs, and continues to do so, yields on other maturities have escaped higher than desired. The decline of the yen has dissipated in the past week or so as concerns mount about a global recession and the speculation over a Bank of Japan policy shift soon.

I think I have the right pic.