BoJ’s Kuroda puts yields before yen

FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of Japan amid the coronavirus disease (COVID19) outbreak in Tokyo

TOKYO: Bank of Japan (BoJ) governor Haruhiko Kuroda is determined to stick with targeting long-term bond yields near zero, even as it leaves him increasingly at variance with global peers and propels a depreciating exchange rate.

At stake for Kuroda is the credibility of his five-year-old policy framework, designed to secure sustained 2% inflation.