MNI BRIEF: BOJ Policy Framework Set For Next Few Yrs

A Bank of Japan board member said the central bank's new policy framework will be the basic guideline for the BOJ's monetary policy for the next few years, according to the summary of opinions from the March 18-19 meeting released on Monday.

The board member said: "The analyses of the policy effects made in the assessment show that the current monetary easing should be continued for a long time. The BOJ's policy actions decided at this meeting have significance, in that they have ensured the sustainability and nimbleness of policy measures that are necessary to achieve the price stability target.

Another member said: "It is necessary to maintain highly accommodative financial conditions for a long period. At the same time, under the commitment to conducting monetary easing into the future, it is important to maintain the current policy framework in a more stable manner."

At the meeting, the BOJ added both greater flexibility and clarity to its asset purchase programs while leaving its main policy settings unchanged.