Japan Finance Minister: Too early to consider reviewing gov't-BOJ inflation statement

TOKYO : Japanese finance minister Shunichi Suzuki on Tuesday said it is not yet time to debate a possible review of a joint statement the government and Bank of Japan issued in 2013 calling for the achievement of 2 per cent inflation as quickly as possible.

Sources previously told Reuters that the government would consider revising the statement after a new BOJ governor is appointed in April, in a move market watchers expect to increase the chance of a tweak to incumbent Haruhiko Kuroda's ultra-loose monetary policy. After a decade of aggressive monetary stimulus, Japan continues to seek sustainable and stable inflation of 2 per cent that accompanies wage growth. At present, the surging cost of living has driven the inflation rate to 41-year-high of 4 per cent.

"The government and the BOJ are fully aware of the importance of wage growth," Suzuki told reporters. When asked about the need to review the joint statement, Suzuki said:"It's too early to comment at the moment when the new BOJ governor is yet to be decided."

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