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Don’t share view that monetary policy is reaching its limits
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Even within current framework there is ample room for further easing
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First issue to analyze is what factors have hampered achievement of price target
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What we should bear in mind when conducting monetary policy is not its limit but comparison between its benefits and costs
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Negative rates have had impact on mkt liquidity, banks’ profits, so need to assess this policy
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Given we have been implementing large-scale monetary easing, any additional easing entails costs
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We should not hesitate to go ahead with monetary easing as long as it’s necessary for Japan’s economy as a whole
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