TOKYO (Reuters) – Japanese finance minister Shunichi Suzuki on Tuesday said it is not yet time to debate a possible review of a joint statement the government and Bank of Japan (BOJ) issued in 2013 calling for the achievement of 2% inflation as quickly as possible.
Sources previously told Reuters that the government would consider revising the statement after a new BOJ governor is appointed in April, in a move market watchers expect to increase the chance of a tweak to incumbent Haruhiko Kuroda’s ultra-loose monetary policy.
After a decade of aggressive monetary stimulus, Japan continues to seek sustainable and stable inflation of 2% that accompanies wage growth. At present, the surging cost of living has driven the inflation rate to 41-year-high of 4%.
“The government and the BOJ are fully aware of the importance of wage growth,” Suzuki told reporters.
When asked about the need to review the joint statement, Suzuki said: “It’s too early to comment at the moment when the new BOJ governor is yet to be decided.”
(Reporting by Tetsushi Kajimoto; Editing by Christopher Cushing)