Friday, March 22, 2013
DJ: Aso Says Hitting 2% Inflation Likely to Take Significant Time
TOKYO--Japan's finance minister said Friday it will likely take significant time for policy steps to bring about the central bank's 2% inflation target--an apparent response to the new Bank of Japan leadership who declared Thursday they would achieve the goal within two years.
"I believe it will take a significant amount of time to transform the current deflationary state into an inflationary one and reach (the 2% target," Finance Minister Taro Aso said at a news conference.
He also rejected the notion the BOJ alone should be responsible for realizing inflation, saying measures such as government fiscal stimulus and other growth steps are essential.
"It's wrong if you think the BOJ should shoulder all the responsibility" for meeting the price target, he said.