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Kataoka Takashi, a member of the Central Bank of Japan, warned on Thursday that the Bank of Japan should not withdraw the ultra loose monetary policy too early. He called for strengthening the central bank's huge stimulus measures.
On July 25, 2017, Kataoka Takashi, the Central Bank of Japan, attended the central bank's press conference in Tokyo, Japan. REUTERS/Issei Kato
He also said that the coordination between the Bank of Japan and the government in policy is critical in eliminating the public's views on deflation, which means that it is necessary to implement a larger monetary and fiscal stimulus package to boost economic growth.
"To affect inflation expectations, the policy coordination between the government and the central bank is essential... To get a clear guarantee through practical action between the two parties." Kataoka Takashi said in a speech to business leaders in Okayama.
Since joining the central bank's Policy Committee in July 2017, Kataoka Takashi is the only member who doesn't agree with the Bank of Japan's policy of maintaining monetary policy. He has been calling on the central bank to increase its stimulus to achieve inflation targets.
Kataoka Takashi once again advocated that the Bank of Japan should try to further lower the interest rate over 10 years and increase the support of monetary policy, which he believes will boost capital expenditure and help to consolidate government expenditure.
"By demonstrating a firm commitment by the Bank of Japan to achieve price targets, we can affect inflation expectations," he said.
He said that when inflation rate is still far below the central bank's target 2%, we should consider following up the steps taken by the US and the European Central Bank to reduce the stimulus, which is premature for the Bank of Japan.

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