Bank of Japan monetary policy board member
- will watch out for impact of global slowdown on Japan's economy, balance of effect and side effects, in guiding policy
- BOJ must bold action when a crisis that could disrupt financial system hits economy
- If overseas slow down driven by trade tensions is moderate and the speed at which it huts Japan's economy is slow, the BOJ can examine economic indicators in deciding policy
- scale of negative impact on Japan's economy from overseas slowdown, pace in which the impact spread are important in deciding if policy response needed
- there is increasing need for BOJ to be mindful of demerits of low rate policy, such as impact on banking system
- relationship between monetary policy and inflation is becoming more complex
- improvement in labour productivity weighing on inflation
- if Japan's potential growth rises ahead, that will increase effect of BOJ's current stimulus programme
- role of monetary policy is to achieve healthy macro
- Japan's economy has become more resilient to fluctuations in external demand, in part due to BOJ's powerful monetary easing
- Japan's economy has smoothly adapted to structural changes thanks to a mix of fiscal, monetary policies
- important to respond appropriately to slowdown in global growth, patiently wait for pickup in global economy that would help sustain positive output gap in japan
- Japan's exports, output remaining weak, while domestic demand continues to expand moderately
- cannot expect quick recovery in exports, though possible for domestic demand to sustain moderate growth cannot expect quick recovery in exports, though possible for domestic demand to sustain moderate growth
more to come
