INTERVIEW: Protracted BOJ Easing behind Slow Economic Reforms
Tokyo, Nov. 8 (Jiji Press)--Protracted monetary easing by the Bank of Japan is believed to be behind the slow progress in structural reforms needed for the Japanese economy, former BOJ Governor Masaaki Shirakawa has said.
"One of the big adverse effects (from protracted monetary easing) is that a superloose financial environment became normal, and social energy wasn't channeled to what was really needed," Shirakawa said in a recent interview with Jiji Press. He served as BOJ governor from April 2008 to March 2013.
Shirakawa, special guest professor at Aoyama Gakuin University, declined to comment on the current monetary easing policy under his successor, Haruhiko Kuroda.
In 2010, the BOJ introduced a comprehensive easing policy featuring purchases of a broad range of financial products, including long-term Japanese government bonds and exchange-traded funds. It also adopted a 2 pct price stability target in January 2013.
Just after Kuroda became governor, the BOJ vigorously expanded the purchase program, promising to attain 2 pct inflation in about two years. It later introduced a number of unorthodox policy measures including negative interest rates and a JGB yield target.
- 11/18 21:09 "Kaparu" Wins Yuru-Kyara Grand Prix, Beating Organized Vote-Backed Rivals
- 11/18 17:25 Moon Calls for Looking Squarely at Facts for Solid Japan-S. Korea Ties
- 11/18 16:06 Warehouse in Meiji Jingu Burned Down
- 11/17 22:58 APEC Summit Starts amid Intensifying U.S.-China Trade Row
- 11/17 21:45 Japan Aims to Put Flying Cars into Practical Use in 2020s
- 11/17 20:59 Japan Post Seeks Law Revision to End Saturday Deliveries
- 11/17 19:58 Japan to Require All Vehicles to Use Tire Chains during Heavy Snow
- 11/17 19:22 Moscow Avoids Confirming Abe's Reported "No U.S. Base" Pledge
- 11/17 17:44 Complaints from Online Shoppers Seen Hitting Record in FY 2018
- 11/17 15:37 Abe Urges JCG to Be "Compass" for World's Coast Guards
- 11/17 11:30 FOCUS: Even Partial Return of Russia-Held Isles Difficult for Japan
- 11/17 01:16 (Update) Japan, Australia Agree to Conclude Talks on Security Pact Early
- 11/17 00:35 (Update) JAL, ANA Unveil Preventive Measures after Drinking Scandals
- 11/16 22:46 Abe Says Return of 2 Russia-Held Isles Not Contradicting Japan's Policy
- 11/16 21:13 Diet Talks on Foreign Workers Bill Postponed over Survey Errors
- 11/16 21:00 Japan Plans 1st Drastic Fisheries System Reforms in 70 Yrs
- 11/16 20:47 Discussions Start in Nagasaki for Nuke-Free World
- 11/16 17:34 Abe Cabinet's Approval Rating Nearly Flat at 42 Pct: Jiji Poll
- 11/16 16:51 Drunk JAL Copilot Fraudulently Slips through Alcohol Test
- 11/16 14:11 New Swine Fever Case Suspected in Central Japan
- 11/16 12:33 Japan Minister's Computer Illiteracy Surprises Overseas Media
- 11/16 08:55 Japan's Tawada Wins Prestigious Literature Award in U.S.
- 11/16 07:09 South China Sea Issues Hotly Debated at East Asia Summit
- 11/15 21:21 Japan Aims to Import Ebola, Other Deadly Viruses
- 11/15 18:21 Japan Emperor, Empress Visit People Affected in Hokkaido Quake
- 11/15 17:47 Abe Voices Deep Concern about Militarization of S. China Sea
- 11/15 17:42 Concerns May Grow over Japan Regaining Only 2 Isles from Russia
- 11/15 15:02 Japanese, S. Korean Fishing Boats Collide; No One Injured
- 11/15 10:39 Beaujolais Nouveau Goes on Sale in Japan
- 11/15 08:03 1st-Half Net Profits Up 10.6 Pct at Top 5 Japan Banking Groups
- 11/15 01:00 (Update) Abe, Putin Agree to Accelerate Peace Treaty Talks
- 11/15 00:00 Abductee Megumi Yokota's Mother Calls for Govt to Accept Parents' "Anger"
- 11/14 22:57 PM Abe Shuns Word "Strategy" When Touting Free, Open Indo-Pacific
- 11/14 22:57 Mortar Shell Flies outside Training Area in Japan
- 11/14 22:16 Asia-Pacific Leaders Vow to Conclude RCEP Talks in 2019
- 11/14 18:58 INTERVIEW: Ex-Takarazuka Star Sagiri Crosses Swords Again in "Rurouni Kenshin"
- 11/14 17:59 Japan Puts Max Foreign Worker Arrivals at 345,000 over 5 Yrs
- 11/14 12:49 Shareholders to Sue Suruga Bank Ex-Management Team
- 11/14 10:59 Abe Leaves on 3-Nation Tour for Series of Summits
- 11/14 10:00 Mobile ATMs Increasingly in Demand in Japan after Disasters
- 11/14 07:24 Agency for K-Pop Group BTS Apologizes over A-Bomb T-Shirt
- 11/13 23:38 Warning of Likely 2nd Jolt to Follow 1st Nankai Trough Quake in Minutes
- 11/13 22:29 (Update) Abe, Pence Agree to Boost Japan-U.S. Trade via Bilateral Talks
- 11/13 19:09 INTERVIEW: Quota Not to Affect Japan Automakers in Mexico, Official Says
- 11/13 19:05 INTERVIEW: UNDP's Okai Stresses Need to Nip Crises in Bud
- 11/13 17:39 Syphilis Infections Highest since 1999 in Japan
- 11/13 17:23 Japan Seen Accepting Up to 340,000 Foreign Workers in 5 Years
- 11/13 17:18 Japanese 2-Way Star Ohtani Wins MLB Rookie of Year
- 11/13 16:26 Abe, Pence Agree to Cooperate over N. Korea Issues
- 11/13 12:50 Ueno Zoo's Xiang Xiang Toddles toward Independence from Mom
- 11/13 12:11 Jan. 4 Eyed as Option for Start of Japan Diet Session
- 11/13 10:40 Japan Emperor, Empress to Visit Quake-Hit Hokkaido on Thurs.
- 11/13 02:10 (Update) Substantial RCEP Deal by Year-End Seen Unlikely
- 11/12 23:25 Japan Likely to See Drifting N. Korean Boats Hit Record High in 2018
- 11/12 21:59 (Update) U.S. Navy Fighter Crashes off Okinawa
- 11/12 18:32 Quake Damper Scandals Put General Contractors on Edge
- 11/12 16:42 One Month On, Toyosu Market Sushi Bars Prosper, But Auctions Disappoint
- 11/12 15:53 Tamaki Seeks Okinawa-Tokyo-Washington Talks on Base Relocation
- 11/12 15:30 Insect Snack Vending Machine in Japan Drawing Good Demand
- 11/12 13:40 Japan Producer Prices Up for 22 Months in Row
- 11/12 09:51 Many Japanese Not Tolerant of Actively Accepting Foreigners
- 11/08 09:11 Japan's Current Account Surplus Down 19.3 Pct in Sept.
- 11/08 09:05 Japan Sept. Core Machinery Orders Down 18.3 Pct
- 11/07 14:08 Japan Sept. Coincident Index Down 2.1 Points
- 11/07 09:41 Summer Bonuses Mark Highest Growth in 27 Years in Japan