IMF welcomes BOJ new policy framework

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).