TOKYO : Bank of Japan (BOJ) Deputy Governor Ryozo Himino said recent price rises were stronger than previously projected and inflation expectations were moving up, a sign the economy is getting closer to achieving the bank's 2 per cent inflation target.While stressing the need to keep ultra-loose monetary
TOKYO : Bank of Japan Deputy Governor Ryozo Himino said recent price rises were stronger than previously projected and inflation expectations were moving up, a sign the economy is getting closer to achieving the bank's 2 per cent inflation target.
"We believe the pass-through from rising imported goods prices is still a dominant factor, but need to scrutinise the contribution of newly emerging factors that are pushing up prices," he said. "Recent rises in consumer inflation in Japan are much more modest than in the United States or Europe, but fairly stronger than previously expected," Himino said.
"We'll of course respond flexibly with an eye on the economy, prices and financial developments," said Himino, a former top bank regulator who assumed the current post in March."Given the state of the economy, however, the best approach now is to maintain ultra-easy monetary policy.
Some analysts warn the BOJ, like its U.S. and European peers, may be underestimating the risks of excessive inflation in the future. Markets are anxiously looking for clues on when the BOJ might tweak yield curve control - a policy that sets a 0 per cent target for the 10-year bond yield with an allowance band of 50 basis point around the target.An expert on financial regulation and banking affairs, Himino said Japan's banking system was sound and had sufficient buffers to weather any rate rises.
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