BOJ Hayami says structural reform indispensable

Bank of Japan Governor Masaru Hayami said on Mar 15, 2001 that structural reform in the Japanese economic system and industry is needed to make monetary policy fully effective.

Hayami said that while the average monetary base had grown around 7.3 percent annually in the past five years, while growth in the money supply remained at 3.3 percent and bank lending had been falling at a pace of minus 1.4 percent yearly. "This shows that economic activity has not become lively despite ample fund inje

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