February 13, 2020 / 7:41 AM / 4 days ago

BOJ shouldn't necessarily stick to 2% inflation target, bank lobby group says

TOKYO, Feb 13 (Reuters) - The Bank of Japan (BOJ) should not necessarily stick to its 2% inflation target, the head of the country’s banking industry lobby said on Thursday, highlighting Japanese banks’ struggle for profit under massive easing monetary policy.

The remark came after the International Monetary Fund (IMF) said in its Article 4 policy proposal last year the BOJ should consider increasing policy flexibility by introducing an inflation range target.

The inflation rate remains well below the target despite years of heavy money printing by the BOJ to stimulate the economy.

“I think the BOJ should not necessarily stick to 2% inflation target as the structure of our society and economy has been changing,” Takashima told reporters at a monthly news conference. (Reporting by Takashi Umekawa; Editing by Kim Coghill)

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