BoJ Deputy Governor Masayoshi Amamiya said Japan is having “steady progress” towards 2% inflation even though that could take time. And he emphasized that “instead of trying to change public perceptions with a shock blow, we should guide inflation toward our target through steady improvements in the output gap and inflation expectations.”
He added that BoJ will “scrutinise factors that are preventing inflation from accelerating” and “look very carefully into what is happening.” He doesn’t rule out fine-tuning of the ultra-loose monetary policy and “an adjustment could happen if that’s necessary to stably achieve our price target.
