Need to respond economic changes in achieving 2 % inflation – BOJ’s Funo

FXStreet (Mumbai) - As per Reuters report, the Bank of Japan's (BOJ) new board member, Yukitoshi Funo, told a news conference upon joining the nine-member board on Wednesday, policy makers need to take a flexible approach and respond to changes in the economy in trying to reach the central bank's 2 percent inflation target.

Achieving the 2 percent inflation target is important, but it is also important that the economy is performing well. Funo also said Japan is making progress in escaping deflation but has not sufficiently emerged from deflation.

Parliament approved the government's nomination of Funo, a former Toyota Motor Corp executive, in May. He replaced Yoshihisa Morimoto, a former utility executive who voted against last year's surprise monetary easing.