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MNI BRIEF: Adachi: No Silver Bullet To Boost Inflation

TOKYO (MNI)

There is no policy tool the BOJ can utilise to speed up inflation, Board member says.

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Bank of Japan board member Seiji Adachi said Wednesday that the BOJ has no choice but to wait for price rises, while keeping the current easy policy in place. "There is no policy tool that the BOJ can use to accelerate a rise in prices. If there were such a tool, the BOJ would have already implemented it," he said

Earlier in the day, Adachi told business leaders in Shizuoka City via an online conference said that the central bank must not hesitate to take additional easing measures. But he told reporters that the BOJ is having difficulty conducting more easy policy as the bank cannot gauge correct gap, natural rate of interest and policy impact.

Adachi also said that if the yen strengthens, the BOJ will have to consider taking policy action, although there was no specific level mentioned. "If tapering by the U.S. Federal Reserves causes a yen's rise, the BOJ will have to conduct policy. But it isn't unknown in advance," Adachi said.