IMF, BOJ member say Japan needs to keep stimulus running

Nov 09, 2017 | News On Japan

Nov 09, 2017 (Reuters) - The IMF on Wednesday urged Japan to maintain its massive monetary stimulus to boost consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative.

International Monetary Fund Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hit his 2 percent target.

"One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda has demonstrated," Lagarde told Reuters on Wednesday.

The BOJ has faced mounting criticism that its huge asset purchases are distorting markets and pushing Tokyo stock prices - which hit a near 26-year high this week - beyond levels justified by economic fundamentals.

But with inflation distant from its target, the BOJ has said it is nowhere near dialing back the stimulus, even as its U.S. and European counterparts eye an exit from crisis-mode policies.

BOJ board member Yukitoshi Funo on Wednesday also defended the asset buys, saying he saw no need now to slow its purchases of exchange-traded funds (ETF) from the current pace of 6 trillion yen ($53 billion) per year.

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