BOJ Policymakers Divided over Additional Easing in Oct. 2014
Tokyo, Jan. 29 (Jiji Press)--Bank of Japan policymakers were divided over a proposal by then Governor Haruhiko Kuroda to take an additional monetary easing step at a meeting in October 2014, according to a transcript of the meeting released on Wednesday.
At the time, the central bank maintained its view that the country's economy "has continued to recover moderately as a trend," although personal consumption showed signs of weakness after the consumption tax was raised from 5 pct to 8 pct in April.
But core inflation fell close to 1 pct in August, raising concerns that the country may not achieve the BOJ's target of 2 pct inflation. At a policy meeting on Oct. 7, then BOJ Deputy Governor Hiroshi Nakaso expressed a sense of crisis, saying that the central bank's quantitative and qualitative easing policy was at a crucial point.
At a meeting on Oct. 31, BOJ policymakers discussed accelerating the pace of annual increase in the monetary base to 80 trillion yen from 60 trillion to 70 trillion yen.
Nakaso said that the BOJ needs to take a big additional easing step as possible.
(2025/01/29-11:53)
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