CORRECTED - CORRECTED-BOJ says exit mechanism needed for unorthodox steps

(Corrects alert, paragraph 1 to say ... extraordinary policy steps justified if lack of action would lead to market deterioration ..., not ... extraordinary policy steps, if left untouched, could hurt markets) (For more stories on the Japanese economy, click [ID:nECONJP])

TOKYO Aug 12 (Reuters) - Bank of Japan Governor Masaaki Shirakawa said extraordinary policy steps are justified when markets, if left untouched, could deteriorate, the text of his Aug. 8 speech released on Wednesday showed.

Shirakawa also said in the speech that some time would be needed before the economy can return to a sustainable growth path.

He made the remarks on Saturday at a conference in Shanghai co-hosted by the People's Bank of China and the Bank for International Settlements. (Reporting by Leika Kihara)