The Bank of Japan (BOJ) will be able to gradually shift away from its easy monetary policy only after ensuring its 2% inflation goal has been sustainably achieved, former board member Goushi Kataoka said on Monday.
"Next year's wage negotiations will require nominal wages to rise at least as much as this year's to confirm a virtuous cycle of income, spending and prices," he said, adding an exit from easy policy won't be possible "until after next year."
Kataoka described the central bank's move in July to allow long-term rates to rise more as a "bad decision," saying there were no particular distortions observed in the bond market, unlike in December 2022, when the BOJ made a surprise tweak to its bond yield control under then governor"Allowing the guide rate to effectively go as low as 1% would not be possible until the 2% target is achieved," Kataoka said.
Kataoka said a recovery in Japanese production and domestic consumption was still only gradual, and that the government had not been very active in increasing the public's disposable income. To achieve the 2% inflation target, "it is necessary for the Japanese government and central bank to cooperate with each other in terms of monetary and fiscal policies," he said.
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