The Bank of Japan board member, Kataoka who is a know dovish dissenter, has said that the central bank is ready to ease without hesitation if needed. JGBs haven't moved though as we expect to hear this from the member.
Key comments
- Stimulus effect on economy will be maximized if flexible fiscal policy is accompanied by bold, further monetary easing.
- My belief is that it is very important for govt, BoJ to coordinate on policy in sustained manner to end low growth, low inflation.
- BoJ must deepen negative rate to make shape of yield curve more accommodative.
- One idea is for BoJ to promise to act if underlying inflation deviates from a certain range from its 2% target.
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