OECD backs Tokyo's monetary-easing move

Tokyo

THE dramatic monetary easing moves by the Bank of Japan (BOJ) a week ago have been endorsed by the Paris-based Organisation for Economic Co-operation and Development (OECD) ahead of the G-20 summit, where some expect Tokyo to come under attack for currency depreciation.

The OECD said in a special issue of its Economic Outlook ahead of the summit that while the US should allow policy rates to begin rising from mid-2015, the BOJ, in contrast, should continue its monetary quantitative easing (QE) moves until its inflation target has been sustainably achieved.