In Other News, Water Wet, Fire Hot, Japanese Central Branker Urges More Stimulus

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  • A Bank of Japan (BOJ) board member criticized the central bank’s decision in July to make its policy framework more sustainable.
  • Goushi Kataoka argued that the BOJ should have instead ramped up stimulus to hasten the achievement of its elusive price target.
  • Kataoka warned that escalating trade frictions could weigh on Japan’s export-reliant economy by slowing global economic expansion next year.

 

Bank of Japan (BOJ) board member Goushi Kataoka criticized on Thursday the central bank’s decision in July to make its policy framework more sustainable, arguing that it should have instead ramped up stimulus to hasten the achievement of its elusive price target.

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He also warned that escalating trade frictions could weigh on Japan’sexport-reliant economy by slowing global economic expansion next year.

“Global trade frictions are intensifying and there’s no room for complacency,” Kataoka said in a speech to business leaders in Yokohama, a city near Tokyo.

Kataoka, who opposed the BOJ’s decision in July to take steps to address the rising costs of prolonged easing, said it was counter-productive to allow long-term yields to rise at a time inflation remained low.

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“There’s no need to allow long-term interest rates to move in a wider range at a time when the BOJ is cutting its inflation forecasts,” he said.

www.cnbc.com/2018/09/06/boj-kataoka-urges-more-stimulus-to-reach-inflation-target.html

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