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A former state banker turned critic of Prime Minister Shinzo Abe’s pro-growth policies, Akira Kondoh told Reuters late-Tuesday, the Bank of Japan’s (BOJ) focus on keeping the Yen weak has made the Japanese executives complacent and hurt corporate competitiveness.

Key Quotes:

“Abenomics only gave people the impression the government was doing something … but many things remain undelivered.”

The policies have not improved the competitiveness of Japanese companies or their market value.

The impact on stock prices was questionable.

“By weakening the yen with lower interest rates, the BOJ may have made life too comfortable for business executives.”

“That made Japanese companies less competitive.”

“The BOJ should not allow yen moves to guide policy.”

“It shouldn’t ease even if the U.S. Federal Reserve cuts interest rates.”

“If the yen rises too much, Japanese authorities can intervene in the currency market,” rather than ease monetary policy.