December 21, 2018 / 6:40 AM / 6 months ago

Japan's top MOF official says low long-term rates hurting banks

TOKYO, Dec 21 (Reuters) - Japan’s top finance ministry bureaucrat said on Friday that long-term interest rates remained low due to the Bank of Japan’s massive monetary stimulus, which he said was forcing financial institutions into a severe situation.

Shigeaki Okamoto, administrative vice finance minister, also said in an interview with Reuters that financial markets are moving on various factors and warrant close attention.

Okamoto, former director-general of the budget bureau, was promoted to the current post in an annual personnel reshuffle at the ministry in July.

He said Japan was no longer in deflation but it was hard to tell when the country can declare a victory in its battle against price declines. (Reporting by Tetsushi Kajimoto Editing by Shri Navaratnam)

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