日本央行与亚开行两大“前掌门人”齐发声：日元疲软正损害日本经济

Core Viewpoint - Japan's inflation rate remains persistently high, exceeding policy targets, while the central bank maintains a cautious stance on interest rate hikes, raising questions about the effectiveness of its monetary policy [1][2] Group 1: Monetary Policy Insights - The former Governor of the Bank of Japan, Shirakawa Masaaki, attributes the current monetary policy stance to two main factors: the core inflation rate being below 2% and uncertainties arising from U.S. tariff policies [1] - Shirakawa expresses skepticism about the explanation of Japan's economy and inflation, noting that inflation has been above 2% for the past three years, suggesting that the core inflation rate should not still be below this threshold [1] - Concerns about potential negative reactions in financial markets contribute to the Bank of Japan's cautious approach to monetary policy, as the long-standing zero interest rate policy may have led to accumulated risks in the financial system [1] Group 2: Currency and Economic Competitiveness - Shirakawa highlights that the depreciation of the yen has led to inflation, which in turn weakens actual potential income, contributing to ongoing weak consumer spending [1] - The former President of the Asian Development Bank, Nakao Takehiko, argues that the Bank of Japan should accelerate the normalization of its monetary policy to strengthen the yen and halt its depreciation [1] - Nakao believes that a stronger yen would be more beneficial for Japan's economy, countering the notion that a weaker yen enhances competitiveness and helps escape deflation [1][2] Group 3: Economic Recovery Strategies - Nakao identifies the excessive weakness of the yen as a key issue harming the economy, suggesting that a more effective approach would involve returning service, product, wage levels, real estate, and GDP to reasonable pricing [2] - The focus should be on raising price levels to stimulate economic revitalization rather than relying on the attractiveness of a "cheap" yen to draw tourists [2]