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Central Banks

Even BOJ Dove Noguchi Sees Signs of Japan Inflation Taking Hold

The Bank of Japan in Tokyo.

The Bank of Japan in Tokyo.

Photographer: Noriko Hayashi/Bloomberg

Even one of the strongest easing advocates on the Bank of Japan’s board said that a shift in Japan’s long-held deflationary price norms is beginning to materialize, although he didn’t hint at any policy change soon.

“We need a shift in inflationary norms, and green shoots are finally beginning to emerge toward it,” board member Asahi Noguchi told reporters Thursday in Akita, northern Japan. “I don’t expect any abrupt policy shift with the current data, but it could of course come earlier than expected depending on what additional data will show.”