TOKYO, Sept 21 - The Bank of Japan will end its negative interest rate policy next year, the majority of economists said in a Reuters poll, as the market has begun to envisage the demise of its ultra-easy monetary settings.
Thirteen of 25 economists, or 52%, expected the BOJ to end its negative rate policy, which has set Japan's short-term deposit rate to minus 0.1% over the past seven years, some time in 2024, the Sept 8-19 poll found. That was up from 41% in an August poll. Chiyuki Takamatsu, chief economist at Fukoku Mutual Life Insurance, said the BOJ will end the negative interest rate at its March 18-19 meeting after it confirms the signs of sustainable wage growth from the national labour confederation Rengo's preliminary survey result of 2024 spring pay talks.
Two economists, at Barclays and Mizuho Securities, anticipated the BOJ would scrap YCC at next month's meeting."YCC is increasingly becoming a matter of formality and will likely be abolished in October, when BOJ publishes its quarterly outlook report," said Barclays' chief economist Tetsufumi Yamakawa.
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