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One of Japanese Prime Minister Kishida’s close aides has defended the BOJ’s ultra-loose monetary policy

This is a useful read from Reuters. Reuters provided a 4-point summary of the story at the top of the article, but it’s worth reading the whole thing for the nuances.

  • Prime Minister Fumio Kishida’s administration, meanwhile, continues to champion the BOJ’s ultra-easy policy as necessary support for a still-fragile economic recovery.
  • “It is difficult to tighten monetary policy to cope with cost inflation, which means that monetary policy must remain loose,” said Deputy Chief Cabinet Secretary Seiji Kihara, considered one of the most close associates of the Prime Minister.

  • The pressure to adjust the yield cap could become overwhelming if the yen, which currently hovers around 122 to the dollar, dips to around 130, some analysts said.

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