Reflationary BOJ board member calls for more stimulus if economy sinks
KOFU, Japan - Bank of Japan board member Yutaka Harada said on Wednesday the central bank would need to step up stimulus “without delay” if risks to the economy threatened its efforts to hit its inflation target.
Harada said the BOJ in its policy deliberations needed to focus on how the economy and prices were performing, rather than simply how they affect inflation expectations. “If the economy deteriorates to the extent that achieving the inflation target in the long term becomes difficult, it’s necessary to strengthen monetary easing without delay,” Harada said in a speech to the business leaders in Kofu.
Faced with the need to address the rising cost of easing, the BOJ decided last July to allow long-term bond yields to move more flexibly around its zero percent target.
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