(Update) BOJ Dragged into Prolonged Struggle with Deflation in 2015: Transcripts

   Tokyo, July 16 (Jiji Press)--Bank of Japan policymakers were dragged into a prolonged struggle with deflation in the first half of 2015, two years after the central bank's introduction of its massive monetary easing policy, transcripts from their meetings showed Wednesday.
   The BOJ introduced its quantitative and qualitative monetary easing policy in April 2013, aiming to achieve 2 pct inflation in about two years.
   The policy pushed up inflation, measured by the year-on-year rise in the core consumer price index, which excludes volatile fresh food prices, to around 1.5 pct briefly. But the measure was nearly flat in 2015 following a consumption tax increase in April 2014 and lower crude oil prices.
   At a meeting on April 8, 2015, then BOJ Deputy Governor Hiroshi Nakaso praised the massive easing policy, saying that it was demonstrating its intended initial effects.
   But some other members of the BOJ's policy board raised concerns about adverse impacts if the policy remained in place for a prolonged period.

(2025/07/16-11:45)

To read a full story, please click here to find out how to subscribe.