BOJ board member skeptical about bank's 2% inflation target timeframe

A Bank of Japan board member said Thursday he is still not confident that its 2 percent inflation target can be achieved, suggesting that more time may be necessary for the central bank to transition to a policy of monetary tightening. BOJ Policy Board member Toyoaki Nakamura stressed the need for wage growth to spread among smaller firms, noting that their earning power should increase. He was the only member who opposed the BOJ's decision in July to tweak its yield cap program designed to keep borrowing costs extremely low. "What we have seen recently is cost-push inflation driven by higher ...