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Bank of Japan Gov. Yasuo Matsushita reiterated August 27 the BOJ’s position that the economy on the whole remains on a modest recovery track, although the aftereffects of the consumption tax hike linger on.

At a regular news conference, Matsushita said the BOJ will “continue to place priority on consolidating the ground for recovery,” suggesting that an ultra-cheap money policy would continue at least for now. His comments, ironically, were made as the yield on the government’s benchmark 10-year bond dipped below the critical 2 percent line for the first time ever on the Tokyo bond market August 27. The fall was apparently caused by doubts about the recovery among investors, who are starting to opt for bonds.

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