2017.10.1805:02:00UTC+00BoJ Needs To Retain Current Monetary Easing, Says Sakurai

Bank of Japan needs to maintain its monetary easing in the current framework, the board member Makoto Sakurai said Wednesday.

Sakurai said price movements are weak and there is a long way to go to achieve the inflation target of 2 percent. The bank should take this point seriously, he noted.

Sakurai said the bank should not change its 2 percent inflation target. It contributes to stabilize foreign exchange rates in the long run and also to achieve price stability.

The BoJ board holds next monetary policy meeting on October 30 and 31.

At the September meeting, the bank had maintained the target of raising the amount of outstanding Japan government bond holdings at an annual pace of about JPY 80 trillion and also -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.