BOJ ‘Too Little, Too Late’, Former Board Member Says
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The Bank of Japan’s decision to expand a bank-loan program was “too little and too late” as a means of halting the yen’s advance, said former central bank policy board member Nobuyuki Nakahara.
The BOJ will boost the amount of funds in its lending facility by 10 trillion yen ($118 billion) to a total of 30 trillion yen, it said yesterday after an emergency meeting. The central bank is ready to take more action if necessary, Governor Masaaki Shirakawa said at a press briefing, citing risks to his view the economy will extend its recovery.