BoJ formally asked to double inflation target

Masaaki Shirakawa, Governor of the Bank of Japan

The Japanese government has increased its pressure on the Bank of Japan (BoJ) to ease monetary policy, issuing a formal request for the inflation target to be doubled to 2%.

At a meeting of the Council on Economic and Fiscal Policy on January 9, prime minister Shinzo Abe asked BoJ governor Masaaki Shirakawa to raise the inflation target, which is set at 1% "for the time being".

Abe raised the issue of the 2% target earlier this month, saying at a press conference on January 4 the BoJ must

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