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The Bank of Japan and the government must jointly take action when the economy is hit by a large shock, Deputy Governor Masayoshi Amamiya said Wednesday, although adding it is unlikely any such action will be directly coordinated. "We can lower both short- and long-term interest rates, if necessary. But (the BOJ) isn't considering concrete plans now," Amamiya said.
The government is expected to compile a supplementary budget before Lower House elections, which could prompt the central bank into considering taking further action. "We need to activate economic activity through easy policy and hope wages and prices rise, which in turn will cause a rise in interest rates," he said.
Amamiya also 'acknowledge' the side-effects of easy policy and said the central bank will continue watching the side affects of any moves.