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| March 15, 2000 | atimes.com | ||
|  | Japan Central Bank board debates grounds for policy change TOKYO - Members of the Bank of Japan's Policy Board disagreed over the wisdom of using specific numerical data, such as commodities prices, in deciding when to end the central bank's ultra-low interest rate policy, according to minutes of the board's February 10 meeting released on Monday. "Is it possible to present some kind of numerical data to judge such a circumstance? If not, is it possible to describe conditions allowing an end to the current monetary policy in more concrete terms?" one member queried. Another board member responded in the negative. "It is impossible to present specific numerical data that would justify a change in monetary policy." As to the wisdom of employing "inflation targets" in which monetary measures would be implemented to raise commodity prices by a certain percentage, board members said they would be opposed to that step if it were used to reduce debt or stimulate economic activity. But they agreed that the step would be worthwhile considering if it were used to stabilize prices. Board members were also split over whether to release numerical data, such as price-movement forecasts, that could be used to indicate changes in monetary policy. One member favored such action. "Several kinds of numerical data should be released so that attention is not focused on certain limited data." Another member was opposed to the move. "With economic movements so difficult to predict, what kinds of data should be released?" (Asia Pulse/Nikkei) | |||||||||
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