Prime Minister Yoshihiko Noda said the government will hold ministerial meetings on overcoming deflation as policy makers explore ways to end more than a decade of price declines.
Economic and Fiscal Policy Minister Motohisa Furukawa will lead the discussions, Noda said yesterday according to remarks posted on the website of the prime minister’s office. Bank of Japan (8301) Governor Masaaki Shirakawa will attend the gatherings as an observer and the meetings could begin as soon as this month, the Nikkei newspaper reported, without citing where it obtained the information.
Lawmakers last week blocked the appointment of BNP Paribas SA economist Ryutaro Kono to the central bank’s board, highlighting political pressure for Shirakawa’s officials to ramp up efforts to spur growth and end deflation. Noda’s announcement came with the BOJ partway through a two-day monetary policy meeting that ends today.
The government wants to “escape deflation and improve the economy,” Noda said.
Those attending will also include Jun Azumi, the finance minister, Yukio Edano, the minister of economy, trade and industry,and Shozaburo Jimi, the financial services minister, according to the Nikkei.
To contact the reporter on this story: James Mayger in Tokyo at firstname.lastname@example.org
To contact the editor responsible for this story: Paul Panckhurst at email@example.comApril 10 (Bloomberg) -- Takuji Okubo, chief Japan economist at Societe Generale SA in Tokyo, talks about the outlook for Bank of Japan monetary policy and the yen. The yen weakened against all of its 16 major counterparts amid speculation the Bank of Japan will add to monetary easing this month. Okubo speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)