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Monday, November 23, 2009
Bank Of Japan 'asleep' On Deflation, Says Minister
By V. Phani Kumar
MarketWatch Pulse
HONG KONG -- Japanese Financial Services Minister Shizuka Kamei leveled fresh criticism Tuesday against the Bank of Japan's response to deflation, in the latest salvo in the war between the government and the central bank. "The Bank of Japan is asleep at the wheel as usual," Kamei told reporters after a Cabinet meeting, according to Reuters. "Because the BOJ is independent, we can't simply lash out and wake it up. In that context, the government's role is very important," Kamei was quoted as saying. Finance Minister Hirohisa Fujii joined Kamei, who has previously criticized the BOJ in similar terms. "Monetary policy is principally responsible for price trends," Fujii was quoted as saying. "Fiscal policy can't be the main tool to make up for Japan's lack of demand."
Copyright © 2009 MarketWatch, Inc.
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