Japan's central bank would only consider expanding stimulus if overseas ris...
KOBE, Japan - Japan’s central bank would only consider expanding stimulus if overseas risks triggered a financial crisis, not just a moderate economic slowdown, its board member Makoto Sakurai said, suggesting no additional easing was likely in the near-term.
But the BOJ should avoid rushing into action if the hit from slowing global demand is moderate, given the rising cost of prolonged ultra-low interest rates such as the strain they inflict on financial institutions’ profits, he said. The BOJ kept monetary policy steady last month but gave the strongest signal to date that it may cut interest rates in the near future, underscoring its concern that overseas risks could derail a fragile economic recovery.
“The next half-year is when we need to carefully scrutinise economic developments,” Sakurai said, noting the risks that an October sales tax hike could cool consumption and that global growth was unlikely to pick up until around mid-2020. Sakurai is seen by market participants and analysts as belonging to a broad camp on the central bank board that is more concerned about the side-effects of prolonged easing, while other board members see more room for stimulus.
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