日本央行前委员呼吁：加息需谨慎！别太关注中性利率

Group 1 - The former Bank of Japan committee member Yutaka Harada emphasizes the need for a cautious approach to interest rate hikes by the central bank, advocating for the government to actively stimulate the economy through fiscal, monetary, and tax policies to achieve a "high-pressure economy" [1] - Harada attributes persistent inflation partly to supply-side factors, including rising rice prices, and suggests that further interest rate increases may have limited impact on cost-driven price pressures [1] - The Bank of Japan recently raised borrowing costs to their highest level in 30 years, indicating progress towards its price stability target, but the government's significant spending increases under Prime Minister Fumio Kishida have raised concerns among some investors [1] Group 2 - Harada recommends that necessary expenditures should be concentrated in the initial budget, while additional budgets should be reduced to restore their original, limited purpose [3] - He urges the Bank of Japan to maintain a certain distance in discussions regarding the neutral interest rate, which is difficult to pinpoint due to its dependence on the natural rate and expected inflation [3] - Harada expresses concerns that many individuals are paying more taxes without a corresponding increase in real income, highlighting the need for adjustments in tax rates to align with rising nominal income levels [1]