TOKYO : The Bank of Japan must avoid reducing stimulus even if rising raw material costs push up inflation, deputy governor Masazumi Wakatabe said, reinforcing expectations it will fall behind major counterparts in dialling back crisis-mode policies.
Unless accompanied by strong domestic demand, cost-push inflation alone will not generate a sustained pick-up in prices toward the central bank's 2per cent target, Wakatabe said on Wednesday. "Even if the Fed were to shift to a tightening phase, that alone won't prod the BOJ to adjust monetary policy," he said.
Japan's core consumer prices in July fell 0.2per cent from a year earlier, narrowing their pace of declines for three straight months due to the boost from rising food and fuel costs.
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