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MNI INTERVIEW: New BOJ Gov Must Quash Normalisation Talk-Momma

(MNI) Tokyo
(MNI) Tokyo

The top priority is to communicate that policy will remain easy, with YCC likely to stay, said former BOJ chief economist Kazuo Momma.

The top priority confronting the new Bank of Japan governor is to correct misguided expectations among mainly foreign market participants that the central bank will move towards policy normalisation, a former BOJ chief economist said.

“Whatever Governor Kuroda says, his remarks will not be believed. The new governor will have to properly and politely explain the stance that the BOJ will maintain easy policy if the new chief thinks so,” Kazuo Momma, who was also the BOJ’s executive director in charge of monetary policy and is now executive economist at Mizuho Research and Technologies, told MNI.

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The top priority confronting the new Bank of Japan governor is to correct misguided expectations among mainly foreign market participants that the central bank will move towards policy normalisation, a former BOJ chief economist said.

“Whatever Governor Kuroda says, his remarks will not be believed. The new governor will have to properly and politely explain the stance that the BOJ will maintain easy policy if the new chief thinks so,” Kazuo Momma, who was also the BOJ’s executive director in charge of monetary policy and is now executive economist at Mizuho Research and Technologies, told MNI.

Keep reading...Show less