Bank of Japan must proceed with QE - deputy government nominee Iwata

TOKYO Tue Mar 12, 2013 7:47am GMT

Kikuo Iwata, the Japan government's nominee to become the Bank of Japan (BOJ) deputy governor, delivers his speech at a hearings session at the lower house of the parliament in Tokyo March 5, 2013. REUTERS/Issei Kato

Kikuo Iwata, the Japan government's nominee to become the Bank of Japan (BOJ) deputy governor, delivers his speech at a hearings session at the lower house of the parliament in Tokyo March 5, 2013.

Credit: Reuters/Issei Kato

Related Topics

TOKYO (Reuters) - The Bank of Japan must proceed with quantitative easing to ensure that the current positive market trend of yen weakness and stock price gains continue on expectations of higher inflation, Kikuo Iwata, the government's nominee to become next deputy BOJ governor, said on Tuesday.

"Bold monetary easing will be necessary for some time," Iwata said in a hearing at the upper house of parliament.

Last month Prime Minister Shinzo Abe named Iwata, 70, a professor at Tokyo's Gakushuin University, to be one of the two new deputy governors of the BOJ in a shift for more aggressive monetary easing to achieve a 2 percent inflation target and end nearly two decades of deflation.

(Reporting by Leika Kihara; Editing by Shinichi Saoshiro)

FILED UNDER: