TOKYO/OITA, Japan - Bank of Japan’s vocal advocate of reflationary policy said on Thursday he saw no need to take extra steps to complement the government’s fresh stimulus plan, bolstering market views the BOJ is in no mood to top up its already massive monetary easing.
The government is set to unveil later on Thursday a 26 trillion yen economic package, including fiscal spending of 13.2 trillion yen aimed at lifting growth in the world’s third-largest economy amid downward global pressure. Harada told reporters that the central bank should stick to its 2% inflation target, which has bolstered the economy and stabilised the currency market, because the same 2% goal is shared with other advanced economies, making it the “global standard.”Years of the BOJ’s heavy money printing have failed to fire up inflation and crushed long-term interest rates near zero, drawing criticism from financial institutions for narrowing their margins and hurting their profits.
Under a policy dubbed yield curve control, the BOJ aims to guide short-term rates at minus 0.1% and the 10-year government bond yield around 0%.
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