Bank of Japan will not introduce additional relief after the previous meeting have modified its monetary policy. The intentions of the central bankers is to continue extending the incentives, but only to protect the economy from external shocks. Yutaka Harada, one of the most visible advocates of aggressive monetary policy in the bank, said there is no need from additional reliefs during the next meeting.
“The labor market continues to improve and this is a trend now and additional concessions may not be necessary, although inflation was below expectations”, said Yutaka Harada. “We can consider additional relief if there is a sudden change in the global economy that threatens the objective of inflation”, added he.
Last month Bank of Japan modified its monetary policy by focusing on the management of interest rates and further away from increasing the monetary base – ie the pace of money printing – after years of large-scale program for the purchase of assets failed to pull the economy from stagnation. According to many analysts, the change makes monetary policy more suitable for long-term struggle for accelerating inflation.
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