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IMF welcomes BOJ new policy framework

But it sticks to its view that Japan central bank's 2% inflation goal is not going to be achieved soon

Published Mon, Sep 26, 2016 · 09:50 PM

Tokyo

THE International Monetary Fund said on Monday that a new monetary policy framework adopted by the Bank of Japan marked "progress", but stuck to its view that the central bank won't be able to hit its ambitious 2 per cent inflation goal anytime soon.

IMF Japan mission chief Luc Everaert made the remarks after the BOJ last week switched to targeting short and long-term interest rates, and dropped its previous target of increasing base money at an annual pace of 80 trillion yen (S$1.1 trillion).