変更後の政策、１月に検討　日銀、会合の議事要旨公表

　日銀が１月２２、２３両日に開いた金融政策決定会合で、マイナス金利政策を解除した後の政策運営の考え方について具体的な検討を進めていたことが分かった。日銀が２５日に公表した議事要旨で判明した。実際に解除を決めたのは次回３月の会合となったが、１月会合の段階で、解除後の政策金利の水準や国債買い入れの継続について議論していた。
　議事要旨によると、解除後の新たな短期金利の誘導目標に関し、ある政策委員は「０～０．１％の範囲での推移を促す」と指摘。何人かの委員は国債の買い入れについて「長短金利操作を撤廃するにせよ維持するにせよ継続する」と述べ、解除後も長期金利の急上昇を避ける措置が必要だとの意見を表明していた。
　１月会合で委員は「（２％で物価を安定させる）目標の実現が現実味を帯びてきていることを踏まえると、政策変更の基本的な考え方を整理しておくことが重要」との見解で一致。多くの委員が「マイナス金利を解除しても緩和的な金融環境は維持される可能性が高い」との認識を示した。（2024/03/25-11:28）

Bank of Japan policymakers at their meeting in January discussed proactively its monetary policy management after the end of the central bank's negative interest rate policy, minutes of the meeting showed Monday.
   The BOJ's Policy Board decided last week to end the policy of applying an interest rate of minus 0.1 pct on part of commercial financial institutions' current account deposits at the central bank, marking its first interest rate hike in about 17 years. The board also decided to scrap the yield curve control regime, which called for guiding the yields on 10-year Japanese government bonds to around zero.
   As to the BOJ's new short-term interest rate target after the termination of the negative rate policy, one Policy Board member said at the Jan. 22-23 meeting that the bank would encourage the unsecured overnight call rate, the key short-term interbank lending rate, to move "in a range of zero to 0.1 pct," the minutes showed.
   Some members said that the BOJ would continue JGB purchases regardless of whether the yield curve control framework is terminated, indicating that a system to prevent a spike in long-term interest rates should be in place after the abolition of the yield curve control, according to the minutes.
   At last week's meeting, the Policy Board decided to nudge the unsecured overnight call rate to around zero to 0.1 pct and continue buying massive amounts of JGBs for the time being, while scrapping the yield curve control framework, including the application of the negative interest rate on some current account deposits. The yield curve control was the pillar of the BOJ's ultraeasy monetary policy.