The Bank of Japan should more clearly show its intention to normalize monetary policy, ruling party heavyweight Toshimitsu Motegi has said a week before the central bank meets to decide whether to raise interest rates.
"The BOJ needs to clearly communicate that it will firmly proceed with the normalization of monetary policy,” Liberal Democratic Party Secretary-General Motegi said in Tokyo on Monday.
The remarks suggest growing political frustration over the central bank’s cautious stance as its extremely low rates keep downward pressure on the yen while inflation continues to outpace the BOJ’s target and wage growth.