BOJ to probe early media report on negative rate
Print Edition
Japan鈥檚 central bank said yesterday it was investigating a high-profile media report that revealed it was mulling a negative interest rate policy just before it made the formal announcement.
The country鈥檚 leading Nikkei business daily published its story online Friday, several minutes before the Bank of Japan shocked markets with the surprise stimulus after a closed-door meeting.
The potential leak sent the yen into a steep dive and sparked a huge rally in Tokyo share markets as investors cheered the BOJ鈥檚 newest weapon in its bid to kickstart the world鈥檚 number three economy.
鈥淲e have started investigating the matter,鈥 said BOJ spokesman Tadaaki Kumagai.
鈥淲e are interviewing BOJ officials who were in a position to know policy discussions and some government officials as they were also participating in the meeting,鈥 he added.
The Nikkei did not immediately comment on the investigation.
The BOJ鈥檚 negative rate decision 鈥 effectively charging commercial lenders to park new deposits at the BOJ 鈥 is aimed at lifting lending to people and businesses in order to kickstart the economy.
It was adopted by a narrow 5-4 vote, a result hinted at in the Nikkei report which said that BOJ chief Haruhiko Kuroda was trying to convince some of his sceptical colleagues.
The BOJ鈥檚 meetings are seen as top secret with media waiting in a closed room with no outside communication until the board releases its policy decision.
The influential paper鈥檚 report 鈥渃ame before we handed out printed statements to journalists, so it鈥檚 not a case of breaching an embargo鈥, the BOJ spokesman said.
The Nikkei, which bought the Financial Times last year, is known for its accuracy in reporting corporate earnings results weeks before official announcements by companies.
Sceptics are convinced the sources are insiders leaking figures to the paper.
Foreign investors have criticized the early reports, saying they give their Japanese counterparts an unfair home advantage being many time zones ahead, and are usually published first in Japanese.
In December, the Financial Times caused a stir on financial markets after erroneously reporting that the European Central Bank was to leave interest rates flat, minutes before the ECB actually cut a key rate.
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