Minuta Banco de Japón augura más estímulo

Genevieve Signoret & Patrick Signoret

La minuta de política monetaria de Japón (reunión 9-10 abril) reveló que el gobierno presionó al comité de política monetaria para llegar a la meta de inflación de 1%, según WSJ. (El comité extendió el programa de compras de activos en su siguiente reunión el 27 de abril, para la cual todavía no se publica la minuta).

WSJ:

A senior cabinet office official who attended the central bank’s policy-setting meeting April 9-10, said the government deems it particularly important for the BOJ to produce “visible results” by “promptly” achieving a near-term inflation rate of 1%, according to minutes of the meeting, which were released Monday.

The government made similar comments at the central bank’s March policy board meeting, but added pressure in April with the addition of the word “promptly.”

The government expects the BOJ to make “utmost efforts in monetary policy while cooperating with government measures to overcome deflation swiftly,” the cabinet office official said at the April meeting—the first of two policy-board meetings in the month.

A finance ministry official who also attended the meeting said the government expects the BOJ to implement policy “vigorously and decisively” while the end of deflation is still not in sight.

The remarks highlight the continued pressure on the BOJ from the government to do more to tackle deflation and weaken the yen. Some politicians have argued the BOJ should buy more government debt to pump cash into the economy, saying its monetary easing so far has been insufficient to reverse the country’s debilitating deflationary trend.

… No policy board members brought up the need for further easing action at the April 9-10 meeting, even though the board had decided to take additional easing steps at the next meeting on April 27, when the bank announced it would buy an additional ¥10 trillion in JGBs and extend the maturity of bonds it buys to three years from two years