Under yield curve control , the BOJ guides the 10-year government bond yield around 0% as part of efforts to sustainably achieve its 2% inflation target.
"While allowing more flexibility in the yield curve control policy could have some repercussions in global financial markets, such a change not only is warranted to meet monetary policy objectives but could also help prevent abrupt policy changes later that could trigger larger spillovers," the IMF said in the report.
The BOJ's new governor, Kazuo Ueda, stressed on Monday his resolve to keep ultra-low interest rates for now, brushing aside lingering market expectations of a near-term policy shift.
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