The summary of the Bank of Japan’s meeting on December 18-19 showed that the bank’s policymakers see the need to maintain ultra-loose monetary policy for now, and some of them called for a deeper discussion about abandoning this policy in the future.
“Given the future abandonment of current monetary policy, it is necessary to study the positive effects and side effects of yield curve control and negative interest rate policy, as well as consider addressing them,” the summary published on Wednesday quoted a member as saying.
Another opinion in the summary said the timing of the shift away from the Bank of Japan’s ultra-loose policy was “approaching” given the growing likelihood that Japan will meet the bank’s 2 percent inflation target in a sustainable manner.
“To avoid the risk of higher prices hurting consumption and undermining the opportunity to achieve our price target, we must not miss the opportunity to change monetary policy,” the opinion said.
At the meeting held on December 18-19, the Bank of Japan kept its ultra-loose policy unchanged, which includes pledges to take further easing steps as needed.
The Governor of the Bank of Japan, Kazuo Ueda, said at the beginning of the week that it is likely to change accommodative monetary policy if the inflation target increase of 2 percent is achieved in a sufficiently sustainable manner.
It is noteworthy that data from the Japanese Statistics Office showed last week that the reading of the national core consumer price index (inflation) for the month of November recorded 2.5 percent, in line with widespread market estimates. Although the index is still higher than the Bank of Japan’s 2 percent target, it has witnessed a clear slowdown, as the previous reading had shown an increase to 2.9 percent in October.
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2023-12-27 07:04:30
#Bank #Japan #officials #call #discussion #abandoning #accommodative #policy
