The coronavirus pandemic will force the Bank of Japan to embrace big data as its conventional consumer price index fails to offer an accurate, real-time picture on inflation, said Tsutomu Watanabe, a leading academic on alternative data in Japan.
FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of Japan amid the coronavirus disease outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon/File Photo/File Photo
“The BOJ would be behind the curve on policy if it relies too heavily on data that comes out late” such as CPI, said Watanabe, a former BOJ official who is professor at the University of Tokyo’s Graduate School of Economics. The most recent CPI data was for May, when core consumer prices fell 0.2% from a year earlier. It was released on June 19.
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