Bank of Japan policymakers disagreed on how quickly the central bank should ramp...
TOKYO - Bank of Japan policymakers disagreed on how quickly the central bank should ramp up monetary stimulus, minutes of their January rate review showed on Wednesday, as heightening overseas risks threatened to derail the country’s fragile economic recovery.
“Given the timing of achieving the price target had been delayed, it was undesirable to adopt a stance of not taking action until a serious crisis occurred,” the member was quoted as saying in the minutes. “We need to look carefully at whether regional banks are lending in a way where they are earning returns that meet the risks,” one of the members said.
In an interview with Reuters on Monday, Isao Kubota, the influential chairman of a major regional bank, said the BOJ’s ultra-loose policy is making it tough for commercial banks to earn profits out of lending. One member said the BOJ’s YCC policy has had only a limited impact in boosting prices and inflation expectations.
While the minutes do not identify the name of the board members who made the comments, BOJ’s Goushi Kataoka has publicly said stronger fiscal and monetary steps could be necessary to prevent a further economic slowdown.
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