BOJ new board members support 2% inflation target

The Japanese government has appointed Goshi Kataoka, senior economist at Mitsubishi UFJ Research and Consulting Co., and former Bank of Tokyo-Mitsubishi UFJ Deputy President Hitoshi Suzuki as new members of the Bank of Japan’s Policy Board.

Kataoka is known as an advocate of reflation and supports the idea of large scale monetary easing, while Suzuki has extensive experience in Tokyo-Mitsubishi UFJ’s financial market operations.

The two, who have five-year terms, succeeded the so called hawks - Takehiro Sato and Takahide Kiuchi.Both the ex policymakers consistently opposed the negative interest ratepolicy and yield curve control. The departure of the dissenters is good news for the Yen bears.