SAPPORO: Bank of Japan (BoJ) policy board member Hidetoshi Kamezaki said on Wednesday, July 28 the country's economy is not yet in a strong recovery led by domestic demand.
"The BoJ intends to make its utmost efforts proactively for Japan's economy to escape deflation and return to a sustainable growth path," Kamezaki said.
He also said Greece's credit problems could indirectly affect Japan's economy due to the impact on Japan's major export destinations such as China and United States.
A former executive at a Japanese trading house, Kamezaki has recently voted with the majority of the board and toed the BoJ's official line on monetary policy. He left the door open to more monetary easing in March, soon after the BoJ's latest easing, warning that deflation is starting to affect public perceptions about future prices and may complicate the country's exit from persistent price falls. ' Reuters
"The BoJ intends to make its utmost efforts proactively for Japan's economy to escape deflation and return to a sustainable growth path," Kamezaki said.
He also said Greece's credit problems could indirectly affect Japan's economy due to the impact on Japan's major export destinations such as China and United States.
A former executive at a Japanese trading house, Kamezaki has recently voted with the majority of the board and toed the BoJ's official line on monetary policy. He left the door open to more monetary easing in March, soon after the BoJ's latest easing, warning that deflation is starting to affect public perceptions about future prices and may complicate the country's exit from persistent price falls. ' Reuters
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