Top bank MUFG's market chief flags concerns on Japan's lax fiscal discipline

TOKYO - Japan's financial indiscipline amid rising inflation may disrupt its bond market, a senior executive of top lender Mitsubishi UFJ yield hit a decade-high of 0.805% this week, approaching the Bank of Japan's hard cap of 1.0% partly on simmering speculation the bank will soon phase out its massive stimulus programme.

Rising wages and heightening corporate inflation expectations suggest Japan's price dynamics are changing, Seki said. Even if the BOJ raises short-term rates, it will probably have to maintain the YCC framework to avoid any abrupt rise in long-term interest rates, Seki said.

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