Japan’s Economy Minister Ryosei Akazawa said on Tuesday the government will work closely with the Bank of Japan (BOJ) in reaching its 2% inflation target as rising living costs hurt households.
The government and central bank are striving to achieve the inflation goal in a stable manner and have made some progress so far, and Akazawa said in a regular press conference.
“Rising energy and food costs are hurting households and companies, so we need to scrutinise how souring households’ sentiment could affect consumption,” he said.
Akazawa also added that exchange rates ought to move in a stable fashion reflecting economic fundamentals.
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On the role the BOJ can play, he said it was up to the central bank to decide on specific monetary policy steps.
“We will continue to communicate closely with the BOJ, and expect the central bank to guide policy appropriately to stably achieve its 2% inflation target,” Akazawa said.
The remarks came after Prime Minister Shigeru Ishiba said on Monday the central bank was close to achieving its 2% inflation target.
After exiting a decade-long, massive stimulus last year, the BOJ raised short-term interest rates to 0.5% from 0.25% in January and has signalled its readiness to hike further if Japan makes progress in durably hitting its 2% inflation target.
Sources have told Reuters the BOJ board will likely forgo raising rates again this month but may discuss a hike as soon as a subsequent meeting in May, depending on the price outlook and the market fallout from U.S. President Donald Trump’s policies.