TOKYO :The Bank of Japan must maintain massive monetary stimulus as inflation has yet to sustainably achieve its 2 per cent target, deputy governor Masazumi Wakatabe said on Wednesday, stressing the need to create an environment in which wages can rise faster.
"Since rises in energy and food prices are mainly caused by cost-push factors from abroad, it is desirable to respond to them through measures other than monetary policy," Wakatabe said in a speech. Analysts expect rising fuel and raw material costs to keep Japan's core consumer inflation, which hit 2.1 per cent in April, around the central bank's 2 per cent target for most of this year.
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