Comments from BOJ's deputy governor Amamiya
- But still haven't reached 2% inflation target yet
- Wants to guide policy appropriately, measuring benefits and side effects
- Need to keep easing policy in place to improve output gap
- Vital to continue monetary easing persistently
- Think it's necessary for deputy governors to be headed in same direction as governor on monetary policy
- 2% inflation target contributes to FX stability in the long-term
Already starting off with the hit single, followed by the classic. That's likely to warrant an encore before all this is set and done.
Meanwhile, Wakatabe is out speaking now as well:
- Various data show positive impacts of easing
- Benefits of monetary policy have not yet spread through to the economy
- Will work towards achieving 2% inflation target
- Should avoid premature shift in policy
- BOJ shouldn't hesitate to add easing if needed
- No comments on what steps/possible tools to take in the case of further easing
- Lowering inflation target to 1% is unthinkable and undesirable
It's clear as day who's the more dovish of the two. Wakatabe has been harping on additional easing if need be even during his nomination speeches.
So far, more of the same stuff from the two. Amamiya's choice of words sounds similar to that of Kuroda while Wakatabe is pretty much sticking to the same rhetoric from his nomination speech. Nothing new and certainly nothing that stands out so far.
