Hayami repeats reform need for economic recovery

JAPAN - Bank of Japan Governor Masaru Hayami played up the need for Japan to promote structural reforms in order to help its depressed economy get back on track.

At a press conference Hayami noted that although Japan's monetary base, provided by the central bank, increased an average 7.9 pct annually from 1995 to 2000, commercial banks' lending fell 0.4 pct on average during the period and the nation's economic growth remained slow.

This has proved that the BOJ's credit easing alone was not eno