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Japan to alter statement with central bank in order to lower price objective

The Japanese government is likely to alter a decade-old joint statement with the Bank of Japan (BOJ) that pledges the central bank to achieving 2% inflation ‘as soon as possible,’ according to Kyodo news agency, citing official sources.

 

According to Kyodo, Prime Minister Fumio Kishida’s adjustment will try to make the BOJ’s 2% inflation target more flexible and allowable.

 

According to Kyodo, Kishida will discuss details on how to update the statement with a new BOJ governor, who will succeed incumbent Haruhiko Kuroda when his term expires in April.

 

The new statement might delete the words ‘as soon as possible,’ or tweak the terminology to highlight that the 2% inflation objective is a medium- to long-term aim rather than one that must be met immediately.

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