Comments by BOJ deputy governor Masazumi Wakatabe

  • Low inflation despite falling unemployment rate suggests there is still some labour market slack that remains
  • BOJ has taken comprehensive steps to ease policy
  • Would have to consider additional easing if weakness in price momentum becomes entrenched
  • Benefits of YCC policy outweighs the side effects
  • Doesn't see a need to adjust policy now

Pretty dovish stuff from Wakatabe as is expected. I would definitely rank him as one of the more dovish members on the board, and his call/mention for additional easing is nothing new. He's been on it for quite a while now.