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The Bank of Japan (BOJ) board member Yutaka Harada is back on the wires now, extending his earlier comments on the economy and monetary policy.

Main Points:

The domestic economy has entered into a delicate state.

Q1 GDP appears strong but driven by a fall in imports, inventories.

Hard to say that the economy is recovering.

Raising sales tax now risks causing a recession.

Japan’s fiscal stimulus is improving under QQE.

MMT is questionable as unlimited debt issuance would cause unwelcome inflation.