December 4, 2013 / 2:30 AM / 4 years ago

BOJ's Sato: No need to ease if tax hike pain is temporary

HAKODATE, Japan, Dec 4 (Reuters) - Bank of Japan board member Takehiro Sato said on Wednesday he saw no need to ease monetary policy preemptively if the pain inflicted on the economy from next year’s sales tax hike proved to be temporary.

“The BOJ has broken away from the incremental approach (on monetary policy),” Sato told business leaders in Hakodate, northern Japan.

“I understand that this is the time to carefully monitor the policy effects, taking into account future economic and price conditions,” he said.

The BOJ has kept monetary policy steady after stunning financial markets in April by pledging to double base money via aggressive asset purchases to achieve 2 percent inflation in roughly two years.

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