Hayami - Monetary policy a kind of targeting

- Central Banking staff
- 05 Dec 2002

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Bank of Japan Governor Masaru Hayami Thursday dismissed calls for the BOJ to set a target for inflation, saying the central bank didn't have the tools to make such a target credible. A senior politician Taku Yamasaki, said on Wednesday, 'at the very least, we need to consider using policy to raise prices and set some kind of inflation target goal'.

"To achieve (an inflation target) you need the right tools. Without mechanisms, it's not something you can confidently do," Hayami told an Upper House

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