Bank of Japan urged to abandon its vague inflation target, paving the way for rate hikes
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最新报道：According to foreign media reports, pressure is growing within the Bank of Japan to abandon a vaguely defined inflation metric. Previously, Bank of Japan Governor Kazuo Ueda stated that "underlying inflation" (focused on the strength of domestic demand and wages) remains below the central bank's 2% target, justifying a slow pace of interest rate hikes. The problem is that there is no single indicator measuring "underlying inflation," making it a target for critics. Critics argue that while both headline and core inflation have exceeded targets for years, the Bank of Japan is overly reliant on a vague indicator to guide monetary policy. Now, even some Bank of Japan policymakers are calling for a shift in communication style, toward a more hawkish approach focused on overall inflation. Veteran Bank of Japan observer Naomi Muguruma suggests the Bank of Japan may gradually remove the concept of "underlying inflation" from its policy communications in preparation for the next rate hike, which could come as early as October.
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