BOJ’s Kataoka says weak yen positive for economy

TOKYO – Bank of Japan (BOJ) board member Goushi Kataoka said on Thursday a weak yen was positive for the economy, with the damage due to rising import costs likely very small.

While Japan may see consumer inflation exceed 1.5% for a prolonged period due to technical factors, the economy was unlikely to experience stagflation as growth is seen recovering from the COVID-19 pandemic’s hit, he told a news conference.

(This story corrects to Kataoka, not Kuroda, in headline)

(Reporting by Leika Kihara; Editing by Himani Sarkar)