BOJ's Sakurai: meeting price objective doesn’t need excessive steps

BOJ's Sakurai: meeting price objective doesn’t need excessive steps

On Wednesday, Bank of Japan board member Makoto Sakurai heavily criticized the need for extra monetary easing, telling that the major financial institution doesn’t require unnecessary steps for the purpose of accelerating the timing of its 2% inflation objective.

His comments sharply contrast with those of another board member at the BOJ's September gathering, who backed stronger measures to enable consumer prices reach the major bank's 2% objective.

Sakurai actually considers the BOJ’s current policy with yield curve control to be effective enough.

Japan’s major financial institution has had to push back the timing just to meet its price objective up to six times since it started its ambitious stimulus program in 2013.

The BOJ currently hopes consumer inflation will meet the 2% objective by March 2020. However, core consumer prices went up only 0.7% year-on-year in August.

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