Reuters: US Dollar Report: BOJ dep gov rules out 'Operation Twist' in Japan

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BOJ dep gov rules out 'Operation Twist' in Japan Mar 28th 2012, 02:02 TOKYO, March 28 | Tue Mar 27, 2012 10:02pm EDT TOKYO, March 28 (Reuters) - Bank of Japan Deputy Governor Kiyohiko Nishimura shrugged off the need for Japan to adopt a Federal Reserve-style "Operation Twist" that aims to push down long-term interest rates. Nishimura also told a parliamentary committee on Wednesday that the BOJ would exclude the effect of any future rise in the sales tax on prices in guiding monetary policy. "In guiding monetary policy, the BOJ focuses on the medium- to long-term trend of prices. That means we look at the trend of prices excluding the effect of any sales tax hike," he said. Under "Operation Twist," the Fed rebalances its portfolio with longer-dated securities to push down long-term yields.

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