BOJ Board Member Nakamura Says More Time Needed Before Policy Shift

By Megumi Fujikawa

Bank of Japan policy board member Toyoaki Nakamura said the central bank needs to continue monetary easing for a while because he is still not confident that the country can achieve a sustainable 2% inflation backed by wage growth.

"We are now seeing a one-in-a-thousand chance to achieve a virtuous cycle of wages and prices," Nakamura said in a speech Thursday.

"I believe we need a little more time before we can modify monetary easing" as the nation is facing a critical moment, he said.

Nakamura, a former executive at electronics maker Hitachi, dissented from the BOJ's decision in October to make its cap on the 10-year Japanese government bond yield a reference rather than a hard limit.

Write to Megumi Fujikawa at [e-mail]

(END) Dow Jones Newswires

11-29-23 2125ET