On Friday, Japan’s Finance Minister Taro Aso said the government must not be fully dependent on the Bank of Japan to bolster economic expansion and beat deflation.
The statement comes after the BOJ’s decision to overhaul its monetary policy framework, shifting the focus of its massive monetary easing scheme to targeting yields on the Japanese government bonds and abandoning its goal to increase base money.
The Finance Minister said the government must address structural reforms and put into action its plans to revive the economy. He said the government is aiming for the parliament to pass an additional budget to finance part of the 28 trillion yen economic stimulus package when its special session is assembled on September 26. The Finance Minister official said the government will also address issues regarding structural policy such as labour reform.
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