TOKYO : The Bank of Japan's 2 per cent inflation target can be modified into a"range" to sustain monetary policy flexibility amid possibly higher inflation compared to pre-COVID times, former board member Sayuri Shirai said on Wednesday.
"The 2 per cent inflation has been achieved, while it could have been due to supply-side , and the structure of inflation might have changed long-term on coronavirus, geopolitical risks and aging demographics," Shirai said. The BOJ, long preoccupied with reviving price growth to avert a risk of deflation, has been an outlier among central banks this year.
The new BOJ leadership after the incumbent governor Haruhiko Kuroda's term ends in April should conduct a policy review, Shirai said, as she had the impression the central bank's communication with markets had become slightly"complex".
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