,TOKYO - The Bank of Japan on Friday widened the band at which it allows long-term interest rates to move around its target, as part of a raft of measures to make its ultra-easy policy more sustainable amid a prolonged battle to fire up inflation. As widely expected, the BOJ kept intact its target of -0.1% for short-term rates and 0% for the 10-year bond yield under its yield curve control (YCC) policy. The following is a summary of key results of the BOJ's policy-setting meeting on Friday: ASSET PURCHASES ** To maintain 12 trln yen ceiling for ETFs (exchange-traded funds), 180 billion yen ceiling for REITs (real-estate investment trusts) even after pandemic subsides. ** Effective to buy ETFs, REITs massively when markets destabilise hugely. ** BOJ staff will report to board immediately when it buys ETFs, REITs. ** From now on, BOJ will only buy ETFs linked to TOPIX. ** To continue buying certain amounts of CP, corporate bonds even after September deadline. ** BOJ's monetary policy meeting will hear on a quarterly basis report on financial system from its division in charge. ** To buy ETFs, REITs when necessary even after pandemic subsides, while maintaining the current ceilings for these asset-buying programmes. INTEREST RATES ** BOJ makes no changes to its interest rate forward guidance. ** Appropriate to maintain YCC, QQE (quantitative qualitative easing) to achieve 2% inflation. ** To maintain its overshooting commitment on base money expansion. ** Cutting rates is an important option as nimble, additional easing measure SIDE EFFECTS ** To introduce scheme that mitigates impact on financial institutions' profits at time of rate cuts depending on amount of their lending. ** To apply certain interest rates as incentive to financial institutions' current account balances. ** BOJ makes tweaks to tiered deposit reserve system. ** To modify method to calculate macro add-on balances under complementary deposit facility. YIELD CURVE CONTROL ** BOJ clarifies long-term rates can move 0.25% up and down from its long-term rate target, but won't apply this rule rigidly when rates briefly undershoot in day-to-day movements. ** Excessive falls in super-long yields may hurt economic activity long-term. ** To guide YCC, prioritising need to keep entire yield curve stably low as impact of COVID-19 continues. OPERATIONS ** BOJ will introduce fixed-rate purchase operations for consecutive days as powerful tool to set upper limit to rates when necessary. REUTERS
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