BOJ's Miyao: Vital to keep bond yields on stable path

TOKYO Tue May 28, 2013 12:51am EDT

TOKYO May 28 (Reuters) - Bank of Japan board member Ryuzo Miyao said on Tuesday it was vital to keep long- and short-term interest rates, which are affected by various factors such as central bank policy actions and changes in external conditions, on a stable path.

"Even when there is upward pressure on long-term interest rates due to expectations for economic recovery, monetary policy will continue to put downward pressure on interest rates and therefore strongly support economic recovery," Miyao said at a news conference in Tokyo.

The BOJ unleashed the world's most intense burst of stimulus last month, promising to inject $1.4 trillion into the economy in less than two years to meet its pledge of achieving 2 percent inflation in roughly two years.

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