BoJ noise and changes to key staff - UOB
|Analysts at UOB Group noted that BOJ Governor Kuroda who was speaking at the sidelines of G20 Finance ministers meeting in Buenos Aires, Argentina (20 Mar) said the Fed or any other central bank will undoubtedly normalize monetary policy if their economies are in good shape and they achieve their price targets.
Key Quotes:
"He does not think central bank policy normalization will have direct negative impact on global growth but he added that G20 has continued to advise central banks to be mindful of impact their policies could have on emerging markets.
The Japanese Government formally appointed Masayoshi Amamiya and Masazumi Wakatabe as Bank of Japan’s (BOJ) new deputy governors last week. Meanwhile, BOJ executive director & chief economist, Eiji Maeda, will replace Mamamiya to oversee monetary affairs at the BOJ.
In their first official news conference in the capacity of deputy governors, both dismissed concerns that the BOJ’s current policy framework is unsustainable. Both deputy governors stressed that the BOJ needs to stick with its current framework because the 2% price target is still distant.
Wakatabe reiterated his view that the BOJ should not hesitate to ease policy further if necessary but Amamiya did not comment directly on the need for additional easing, and he only noted that “It is important to continue with powerful monetary easing to achieve an improvement in the output gap.” "
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