Japan next year will consider revising its decade-old blueprint for fighting deflation, sources said, as financial markets bet that a weak yen and rising consumer prices will force the central bank to finally drop its ultra-loose monetary policy.
The government could initiate the revision after a new Bank of Japan governor is appointed in April, they said, a move that may heighten the chance of a tweak to incumbent governor Haruhiko Kuroda's ultra-loose monetary policy.
Some officials of Prime Minister Fumio Kishida's administration are keen to revise the statement that focuses on steps to beat deflation - a goal that has become out of sync with recent rises in inflation, they said. When asked about Kyodo's report, Chief Cabinet Secretary Hirokazu Matsuno told reporters on Monday there was no truth the government is set to revise the statement.A revision to the joint statement would mark the final nail in the coffin for former premier's Abenomics stimulus programme, which relied heavily on Kuroda's massive stimulus to pull Japan out of deflation.
"Under a slightly modified new joint statement, the BOJ's 2% inflation target could become a long-term goal," rather than one that must be met at the earliest date possible, said Toru Suehiro, an economist at Daiwa Securities. "The purpose of the revision could be to phase out Abenomics."
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