Four years have passed since the Bank of Japan (BOJ) began its ultra-easy monetary policy under the leadership of Gov. Haruhiko Kuroda.
The central bank implemented the unprecedented monetary policy on April 4, 2013, saying that Japan could achieve an annual inflation rate of 2 percent within about two years. However, no prospects can be seen that the goal can be achieved in the foreseeable future.
The task will likely be handed over to the next BOJ governor who will assume the position in April 2018.
“We’d like those who can talk about a strategy of finding a way out (of the ultra-easy money policy) to serve as members of the Policy Board,” a high-ranking official of the BOJ told a source close to the government. The official was talking about the replacement of two of the six members of the board whose current terms are due to end in July.
The official kept in mind that the central bank needs to find a way out of the ultra-easy money policy. The selection of two new members of the Policy Board is viewed as a prelude to the selection of the next BOJ governor.
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