BoJ’s Saku­rai rules out hike in bond yield tar­get for now

New Straits Times - - Business -

SAGA (Ja­pan): Bank of Ja­pan (BoJ) board mem­ber Makoto Saku­rai has ruled out the chance of an im­mi­nent hike in the cen­tral bank’s bond yield tar­get.

He also stressed the need to main­tain its mas­sive stim­u­lus pro­gramme to prop up in­fla­tion and fend off over­seas eco­nomic risks.

Saku­rai said ris­ing pro­tec­tion­ist sen­ti­ment in the world was among risks to Ja­pan’s eco­nomic out­look, warn­ing that pro­tec­tion­ism would dis­rupt sup­ply chains, dent trade and hurt prospects of a sus­tained global re­cov­ery.

With Ja­pan’s econ­omy re­cov­er­ing steadily, pol­i­cy­mak­ers should not seek to “force­fully” stim­u­late short-term de­mand, said Saku­rai, shrug­ging off the need to de­liver ad­di­tional mon­e­tary stim­u­lus mea­sures any time soon.

“The econ­omy is in good shape and the gov­ern­ment’s fis­cal spend­ing plans are be­ing im­ple­mented now,” Saku­rai told a news con­fer­ence af­ter meet­ing busi­ness lead­ers, here, yes­ter­day.

“Main­tain­ing the cur­rent fis­cal and mon­e­tary stim­u­lus mea­sures would be enough.” Reuters

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