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TOKYO — A government nominee to the Bank of Japan's policy-making board who was criticized by legislators as insufficiently aggressive on easing of monetary policy was rejected Thursday by the opposition-controlled upper house of Parliament.
"In my personal view, this means a material easing of monetary policy is likely to be needed, as one part of a collective policy response aimed at helping protect the economy and jobs from a downturn.
The slowdown in economic growth has triggered calls for easing of monetary policy, to help businesses and consumers get through this difficult period.
Economists have scrapped projections for any easing of monetary policy in the rest of 2012.
The Bank of Japan conducted its first bond-buying operations after announcing a radical easing of monetary policy.
Easing or teasing?The Bank of Japan rejected the case for a serious easing of monetary policy.
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Evaluating the Tightness or Ease of Monetary Policy Although macroeconomic conditions certainly warranted accommodative policies in 2002 and subsequent years, the question remains whether policy was nevertheless easier than necessary.
"By aggressively easing the stance of monetary policy, the Federal Reserve has moved to support demand and, we trust, help lay the groundwork for the economy to achieve maximum sustainable growth," he said.
As you know, in response to the further weakening of economic conditions, the Federal Reserve has continued to ease the stance of monetary policy.
Ultimately, the minutes said, "most members judged that a substantial easing in the stance of monetary policy was warranted".
It has been one of the most concentrated periods of monetary policy easing on record.
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