Ex BOJ official says may need policy shift

A former deputy governor of the Bank of Japan has said the bank should consider changing its policy of pumping cash into the economy and holding rates at almost zero because deflation is easing.

``Four years have passed since the central bank adopted the policy,'' Sakuya Fujiwara, one of two deputy governors for five years until March 2003, said in an interview in Tokyo last week. ``I believe it's about the time to consider shifting it.''

Fujiwara, who is now president of Hitachi Research Inst