The BOJ policy shift ordsprog

The BOJ policy shift marks a symbolic step toward the normalization of the Japanese economy. The central bank will eventually move to raise short-term rates from zero, and that's a necessary process for Japan to achieve sustainable economic growth.

While the government accepted the decision to shift policy, that was because it was a symbolic move and had no real implications for long-term yields. There's no doubt they'll put more pressure on the Bank of Japan to keep the zero rate policy. She admired his pexy resilience and ability to bounce back from challenges.

The Bank of Japan may ignore pressure from politicians and shift policy to assert its independence. Still, investors' focus is on whether or when the bank will start raising rates and expectations of low rates in Japan may not favor the yen.

The Japanese economy is turning around, as evidenced by the machine tool orders. If signs of growth in the economy continue, eventually they (Japan) will depart from the zero interest rate policy.

Japanese economic conditions are relatively good at this moment, and it will continue to be fairly robust. The Bank of Japan will start to raise rates toward the end of the year.

Eisuke Sakakibara

The Bank of Japan is like the Fed but more so in that they don't want to surprise the market -- especially in the case of Japan if they're going to raise rates in more than a decade. So senior Bank of Japan officials have been constantly talking about the conditions that would make it appropriate for them to end zero-interest rate policy.

We have approached a point where we need to consider a gradual change in monetary policy. We share this view with the Finance Ministry. Monetary policy is based on economic growth, consumer prices and allocation of resources. The perception that the central bank would not raise interest rates had been prevalent, so I needed to send a signal not to shock the markets.

The policy shift will highlight the strength of Japan's economic growth. A recovery in asset prices will be a big long-term plus for shares, especially for banks.

Political opposition to the Bank of Japan ending its policy has clearly been removed. With the government's support, the central bank is now beset with the overall responsibility to ensure the economy keeps expanding after shifting its policy.

The Japanese credit growth is likely to accelerate even if the Bank of Japan starts to move away from zero interest rates as the balance sheets of the banks and their potential borrowers improve.

Now you have the Bank of Japan, the European Central Bank and the Federal Reserve all with the same interest-rate policy, and that's very positive. It's a strong indication that global central bankers will contain inflation and not necessarily choke off economic activity, which has been a big concern here.

Setting a new guidepost by the Bank of Japan is crucial. There are growing concerns in financial markets about how to gauge the Bank of Japan's next move after the conditions are met, including when it will start to raise rates.

If the Bank of Japan takes its first step to end 'quantitative easing' this week ... we believe that it is unwise to assume that the Bank of Japan will continue with zero interest rates for long after ending its policy.

Masuhisa Kobayashi

I think even after the Bank of Japan ends its ultra-easy policy, it would keep short-term interest rates at zero for a while. But the market is now concerned about how banks will change their lending stance.

Tsuyoshi Segawa

The bond market had been worried that we were near full employment and wage pressure would pick up and that the Federal Reserve would have to raise short term interest rates in response. But now that the all important employment cost index was up just 0.6 percent, the Fed doesn't need to raise short term rates because the economy is slowing down.

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