TOKYO : Japan's government will pledge to pull the economy out of deflation through bold monetary policy, flexible fiscal policy and a growth strategy, according to a draft outline of its long-term economic policy platform obtained by Reuters on Friday.'The government hopes the Bank of Japan achieves its
TOKYO : Japan's government will pledge to pull the economy out of deflation through bold monetary policy, flexible fiscal policy and a growth strategy, according to a draft outline of its long-term economic policy platform obtained by Reuters on Friday.
"The government hopes the Bank of Japan achieves its 2 per cent inflation target in a stable, sustained fashion accompanied by wage growth," the draft outline said. Coupled with measures to boost private investment for innovation and other structural measures, the government will"strive to eradicate Japan's long-held deflationary mindset and create a perception among the public that Japan will not return to deflation," the draft said.
The platform, which serves as a guideline for the government's long-term economic policymaking, is expected to be finalised at a cabinet meeting on June 16.The government's focus on putting a sustained end to deflation may underscore its hope for the BOJ to keep supporting the fragile economic recovery with ultra-loose monetary policy.
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