Former BOJ board member Shirai: "the likelihood of achieving 2% inflation is low"
Writing a piece in the Nikkei, this from Shirai on where the Bank of Japan should go from here
- the likelihood of achieving 2% inflation is low
- underlying inflation is weak
- BOJ may find it necessary to revise its QQE
- Before taking any clear steps toward monetary policy normalization, the BOJ should introduce flexibility in interpreting the 2% price stability target.
- It should incorporate the 1% upper and lower range (plus or minus 1%) of the target into the 2% target itself.
- The BOJ and the government would then not need to abandon the 2% target while in practice aiming at a 1% figure that would be acceptable to the public.
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