BoJ Deputy Governor Masazumi Wakatabe said told business leaders in Aomori that “the ultimate objective of monetary policy is the sound development of the economy. In other words, monetary policy won’t be normalized until the economy and prices are in a normal state.” And he pledged “the BoJ will guide policy to ensure Japan never falls into deflation again.”

Meanwhile, Wakatabe urged ”¬†increased attention to heightening risks to the BoJ’s scenario”. In particular, prolonged US-China trade tensions would not just hit the global economy through higher tariffs. Sentiments would be dampened and businesses could be discouraged from investing.

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