TOKYO : The new governor of the Bank of Japan received a lukewarm response from the government on Monday to his plan to conduct a review of past monetary easing steps, as it remains cautious of declaring victory in a decades-long battle to end deflation.Governor Kazuo Ueda took up his post in April, and w
TOKYO : The new governor of the Bank of Japan received a lukewarm response from the government on Monday to his plan to conduct a review of past monetary easing steps, as it remains cautious of declaring victory in a decades-long battle to end deflation.
Ueda announced a plan to review past monetary policy moves last month, when the BOJ kept its interest rates at their ultra-low levels. The review was seen as laying the ground for Ueda to gradually reel in the monetary stimulus. But Goto said he was also mindful of the BOJ's explanation that the review would not prevent the bank from shifting policy if it needed to respond to economic shocks.
Goto's remarks came after a meeting of the top economic council on Monday, where policymakers and academics debated the role the government and the BOJ should play to push wages higher in a sustainable way and eliminate the risk of a return to deflation.
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