BOJ Mulls Ending Yield Control, Shifting to Bond Purchase Targets

• BOJ considering ending yield curve control program, instead indicating amount of JGBs it will purchase • Would stop guiding 10-year yields to 0%; part of effort to normalize policy • Decision on ending yield curve control and negative rates could come as soon as March 19 policy meeting • BOJ holds over half of nation's government bonds; critics say policy distorts pricing and weakens yen • New framework would target volume of purchases rather than yield; BOJ plans to buy ~¥6 trillion in bonds per month