BOJ opinion summary calls for continuing monetary easing

Several policymakers at a Bank of Japan meeting earlier this month called for continuing current monetary-easing measures to achieve the 2-percent inflation target.

That position is noted in a summary of opinions presented at the officials' monetary policy meeting held on March 9 and 10.

The policy meeting was the last for BOJ Governor Kuroda Haruhiko before his tenure ends in April. Participants were unanimous in their support of the ultra-loose policy.

The summary released on Monday mentions one opinion stating that necessary reforms would be delayed if the bank were to lower its inflation target and change its accommodative stance, just because the target is taking time to achieve.

The reforms are aimed at achieving wage rises in tandem with economic growth.

One policymaker said there is no need to modify a joint statement released in 2013 by the BOJ and the government. The document vowed that both sides would bolster their cooperation in pulling Japan out of deflation.

The official noted that "starting a discussion on the target may lead to unnecessary speculation on the conduct of monetary policy."

Source: https://www3.nhk.or.jp/nhkworld/en/news/20230320_22/