Bank of Japan’s Kiuchi warns of rising overseas risks to economy

Bank of Japan (BOJ) board member Takahide Kiuchi said today that he sees risks to Japan's economy tilted to the downside due to heightening uncertainty regarding overseas economies.

"Uncertainty remains over whether advanced economies, mainly the United States, can take up the slack from slowing growth in emerging nations and offer sufficient support to the global economy," Kiuchi said in a speech to business leaders in Kushiro, in the northernmost prefecture of Hokkaido.

The BOJ offered an intense burst of monetary stimulus in April, pledging to double Japan's base money via aggressive asset purchases to achieve its 2% inflation target in roughly two years.

Kiuchi has repeatedly proposed making the BOJ's 2% inflation target a medium- to long-term goal, instead of trying to achieve it in two years. He has also called for a deadline for the BOJ's current monetary easing framework and fine-tuning it after two years based on economic conditions at the time. The proposals have been rejected by the board. – Reuters, September 19, 2013.


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