The Bank of Japan (BOJ) is expected to continue raising interest rates over the coming years as inflation appears on track to sustainably reach its 2% target, according to former governor Haruhiko Kuroda.
Kuroda highlighted that:
He noted that:
A return to bond yields of 2.7% (seen in 2000) could raise annual interest payments to ¥30 trillion, stressing the need for fiscal reform.Kuroda defended his earlier stimulus policies, introduced in 2013, for boosting inflation and growth, despite criticism over their side effects, such as impacts on commercial bank profits and market distortions.Under current BOJ governor Kazuo Ueda, the central bank has pivoted from Kuroda's ultra-loose policies, raising short-term interest rates to 0.25% in July 2024 and signaling readiness for further rate hikes if inflation remains durable.
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