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The Bank of Japan could raise its 1% hard cap set for long-term interest rates as its next policy move if the 10-year bond yield threatens to breach that level, Columbia University academic Takatoshi Ito told Reuters in an interview. Ito said the BOJ's decision to raise the de-facto ceiling to 1.0% from 0.5% was made at the right time and reflected the bank's hopes of avoiding being forced to ramp up bond purchases. The BOJ's next move will largely depend on how soon it raises its inflation forecasts for fiscal 2024 and 2025, he said on Thursday.

Takatoshi itoHaruhiko kurodaLeika kiharaTakaya yamaguchiShri navaratnamColumbia universityBank of japanInterest ratesColumbia university