April 18, 2013 / 2:35 AM / 5 years ago

BOJ's Miyao: Benefits outweigh risks of BOJ's QE

GIFU, Japan, April 18 (Reuters) - Bank of Japan policy board member Ryuzo Miyao acknowledged on Thursday that there are risks associated with the central bank’s expanded quantitative easing, but that the policy is necessary to end deflation.

Miyao, in a speech in central Japan’s Gifu, also said he would support QE as long as the benefits outweighed the risks.

Miyao also said that he felt the BOJ had taken all necessary steps needed to meet its two percent inflation goal.

The BOJ stunned global financial markets earlier this month by committing to open-ended asset buying to nearly double the monetary base to 270 trillion yen ($2.71 trillion) by the end of 2014 in a shock therapy to end two decades of stagnation and achieve 2 percent inflation.

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