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Financial News: BoJ's Sato Says Labor Market Reforms Will Help

BoJ's Sato Says Labor Market Reforms Will Help To Lift Inflation Expectations

03/29/2017 - 06:39:00 (RTTNews)

(RTTNews) - Bank of Japan board member Takehiro Sato said labor market reforms will strengthen monetary easing effects and the inflation rate will increase.

In Japan, some labor market practices could be constraints on raising long-term inflation expectations, Sato said in a speech at Yale University in New Haven on Tuesday. Therefore, labor market reform should be actively pursued.

"Given that there is an increasing sense of labor shortage caused by the population decline, now is an ideal time to take a step forward in labor market reform," Sata said.

Given that monetary policy on its own has limited effects, it is vital to make steady efforts, such as through the labor market reform, in order to change conservative inflation expectations that are deeply rooted in people's mindsets, according to the text of his speech posted on the website on Wednesday.

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