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TOKYO — Bank of Japan policy board member Toyoaki Nakamura said Thursday that the central bank would continue its powerful monetary easing because the current inflation triggered by higher energy prices is unlikely to be sustainable.
“Judging from the current situation in which prices of only some items are rising significantly due to higher import costs, it would be more effective to take measures targeting specific items, rather than monetary policy which controls overall demand,” Nakamura said in a speech.
Still, Nakamura said the current global inflation has started to gradually change the perception that had been widely shared by Japanese consumers that prices wouldn’t rise.
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