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    BOJ’s Kiuchi: BOJ must switch its focus of policy from price stability to financial system stability

    Additional comments crossing the wires from Bank of Japan (BOJ) board member Kiuchi are found below:Additional effects of monetary easing are diminishingBank of Japan should position its price target as a medium-, long-term goal and conduct policy flexiblyNo notable improvements have been observed in past several years to Japan's potential growth rate, which is still at range of zero-0.5%Private consumption lacking momentum partly due to disappointingly slow wage growthYear-on-year rates of change in Japan's price indicators likely to decelerate somewhat over the next several months Don't expect Japan's core CPI to hit 2% by fiscal 2018Important to consider ways to enhance liquidity provision facilities to maintain smooth functioning of marketsBOJ must switch its focus of policy from price stability to financial system stability


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