KUSHIRO, Japan, Aug 30 - Japan's inflation is"clearly in sight" of the central bank's target, its board member Naoki Tamura said on Wednesday, signalling the chance of an end to negative interest rates early next year.
For now, the BOJ must sustain monetary easing to scrutinise wage and price developments, said the former commercial banker. "What's important is to act in a timely fashion so we're neither too late nor too early," Tamura told a briefing later on Wednesday, adding the pace and order of an exit would depend on economic conditions falling into place for normalising policy, Tamura said.
While Tamura is considered by markets as a hawk within the BOJ's nine-member board, his remarks suggest that discussions on the timing for dismantling the bank's radical stimulus will intensify in coming months. With its heavy-handed defence of the yield cap drawing criticism for distorting market pricing and fuelling unwelcome yen falls, the BOJ last month took steps to allow long-term rates to rise more reflecting higher inflation.
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