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INTERVIEW: 2 Pct Inflation Hard to Achieve: Ex-BOJ Member

INTERVIEW: 2 Pct Inflation Hard to Achieve: Ex-BOJ Member

   Tokyo, March 12 (Jiji Press)--A former Bank of Japan policymaker has said the BOJ's 2 pct inflation target is hard to achieve, proposing a flexible target of one pct to 3 pct.
   Achieving the current target on a sustained basis is difficult because the public is quite uncomfortable with price hikes amid dim prospects of income growth, Sayuri Shirai, the former BOJ Policy Board member, said in a recent interview with Jiji Press.
   Businesses, for their part, are reluctant to reflect labor and other cost increases in prices, said Shirai, now visiting researcher at the Asian Development Bank Institute.
   The BOJ should not stick too rigidly to the 2 pct target tied to the consumer price index, she said, adding that the BOJ should have some "flexibility" on it, like the bank's counterparts in Australia and Sweden.
   The focus of financial markets has shifted to the "next easing measures by the BOJ," Shirai said, explaining that monetary policy normalization steps after an easing phase are being modified in Europe and the United States.

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AFP-JIJI PRESS NEWS JOURNAL


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