TOKYO: Many Bank of Japan policymakers saw stronger wage growth as key to sustaining the bank's 2 per cent inflation goal, according to a summary of opinions expressed at a June meeting, underscoring their resolve to maintain ultra-low interest rates.
At the meeting, the BOJ stuck to its ultra-low interest rate policy and vowed to defend its cap on the 10-year bond yield with unlimited buying, bucking a global wave of monetary tightening in a show of resolve to focus on supporting a tepid economic recovery. "A growing number of goods are seeing prices rise due to higher commodity costs and currency volatility. But it's appropriate to maintain current monetary policy" as the price gains aren't driven by strong demand, one member said.
Several other commenters pointed to the need to stimulate the economy long enough to boost wage growth, which remains far more subdued in Japan than in other countries, the summary showed.
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