BOJ Rate Hikes to 1 Pct Needed for Inflation Target: Tamura
Okayama, Sept. 12 (Jiji Press)--The Bank of Japan needs to raise short-term interest rates at least to 1 pct to keep Japanese inflation in line with its 2 pct target in a stable way, BOJ policymaker Naoki Tamura said Thursday.
In a speech in the western city of Okayama, he said that the neutral rate of interest, an estimated interest rate level not stimulative or contractionary to the economy, for Japan is believed to be at least around 1 pct.
Given that estimates of the neutral rate range from 1 pct to 2.5 pct, Tamura said it is necessary to raise short-term interest rates gradually in order to see how the economy and prices will react and find an appropriate level of short-term rates.
He warned that interest rates may need to be raised rapidly later on if the gradual pace of increase currently expected by market players continues.
He said that price movements are "on track" and that the possibility of achieving the target will continue to increase.
(2024/09/12-16:25)
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