August 29, 2013 / 5:47 AM / 4 years ago

BOJ's Morimoto shrugs off need for further stimulus

MORIOKA, Japan (Reuters) - Bank of Japan board member Yoshihisa Morimoto on Thursday dismissed some calls in the market for additional monetary stimulus to ease the pain from sales tax hikes next year, saying that the economy is moving in line with the central bank’s projections.

“Domestic demand is firm and while uncertainty remains, overseas economies are heading for a pick up,” Morimoto said at a news conference after meeting with business leaders in Morioka, northeastern Japan.

The BOJ unleashed an intense burst of monetary stimulus in April, pledging to nearly double the monetary base in two years via aggressive bond purchases to end deflation and achieve its 2 percent inflation target. It has stood pat since then.

Reporting by Leika Kihara; Editing by Shinichi Saoshiro

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