Bank of Japan board member supports keeping ultra-low interest rates

On Thursday, Bank of Japan board member Asahi Noguchi said that the country's economy is facing the target of achieving the bank's goal of 2% sustainable inflation. For this reason, he said the central bank will keep interest rates ultra-low.

Noguchi spoke to business leaders in Akita, northern Japan. He said that consumer prices in other countries have risen faster than in Japan, but they have still risen sharply.

He informed about the need to maintain ultra-soft monetary policy for supporting the economy until nominal wages rise. He noted that slow wage growth is holding down the growth of service prices and a significant rise in inflation in Japan.

According to Noguchi, the Bank of Japan should patiently support the current monetary policy easing in order to contribute to wage growth.