BoJ board member Yutaka Harada said in a speech that the central bank’s quantitative and qualitative monetary easing program delivered improvements to production, employment, investment, exports, and fiscal conditions. And, “further indicators are perceptions that the economy is recovering, improvements in income distribution, and women’s entry into the labor market.” He also hit back at the critics of BoJ’s policy as their arguments are “not supported by empirical evidence.”

Harada reiterated the BoJ’s stance that “it should continue with the current monetary easing with a view to achieving the price stability target of 2 percent, given that, for now, there is still room for an expansion in employment and that there are few signs of financial imbalances.”

Full 23-page speech of Yutaka Harada on Economic Activity, Prices, and Monetary Policy in Japan.

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