October 12, 2018 / 3:35 AM / a month ago

IMF says too early to talk about exit from easy policy in Japan

People walk past the Bank of Japan building in Tokyo, Japan June 16, 2017. REUTERS/Toru Hanai

NUSA DUA, Indonesia (Reuters) - A senior International Monetary Fund official said on Friday it was “too early” to talk about normalizing monetary policy in Japan, as it will take a long time to achieve the Bank of Japan’s 2 percent inflation target

“Do you think it’s time for the Bank of Japan to exit easy policy? The short answer is no,” Odd Per Brekk, deputy director of the IMF’s Asia and Pacific department, told a news conference during the Fund’s and World Bank’s annual meeting in the Indonesian resort island of Bali.

He added that ultra-loose monetary policy must be accompanied by other efforts, such as structural reforms, for Japan to see inflation hit the BOJ’s target.

Changyong Rhee, director of the IMF’s Asia and Pacific department, told the same news conference that there will be no winners in Asia from escalating Sino-U.S. trade tensions.

Reporting by Leika Kihara; Editing by Shri Navaratnam

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