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BoJ’s Sakurai: Progress in inflation has been slower than expected

The Bank of Japan (BoJ) board member Sakurai  is back on the wires now, via Reuters, extending its comments on the Japanese economy and monetary policy.

Key Headlines:

Now is the time to carefully watch data.

BoJ will guide policy looking at side-effects.

Such as impact on financial institutions.

Local banks are saying that “times are very tough”.

Must look at all policy options when considering modifying policy.

The economy was in somewhat of a soft patch in Q1.

Progress in inflation has been slower than expected.

BoJ must continue current easing for some time.

Too early to mull withdrawal of stimulus.

If inflation picks up, the effect of YCC will increase so that may be time BoJ needs to mull various options on monetary policy.

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