BOJ has many tools to ramp up stimulus: deputy governor Wakatabe

FILE PHOTO: A man wearing a protective mask stands in front of the headquarters of Bank of Japan amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Bank of Japan Deputy Governor Masazumi Wakatabe said on Friday the central bank had numerous tools and programmes it can expand if it saw the need to ease monetary policy further.

He also said while the BOJ won’t directly target exchange rates, currency moves were “extremely important” components for Japan’s economy that the central bank was watching carefully.

“If we judge that inflation dynamics would be further eroded or weakened by exchange rate moves, that is the time we should think of taking policy action,” he told a seminar.

Reporting by Leika Kihara, Editing by Franklin Paul