The top executive of Japan’s biggest bank delivered a rare criticism of the central bank on Thursday, saying its negative-interest-rate policy has contributed to anxiety among households and companies and prolonging it may weaken financial institutions.
“Both households and businesses have become skeptical about the effectiveness of policy measures to address the current economic problems,” Nobuyuki Hirano, president of Mitsubishi UFJ Financial Group Inc., said in a speech in Tokyo. Declines in banks’ net interest margins “will become even more severe and protracted by the implementation of the negative-interest-rate policy,” he said.
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