Reuters: US Dollar Report: BOJ Shirakawa: Monetary base to rise as BOJ buys assets

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BOJ Shirakawa: Monetary base to rise as BOJ buys assets Jul 23rd 2012, 02:29 TOKYO, July 23 | Sun Jul 22, 2012 10:29pm EDT TOKYO, July 23 (Reuters) - Japan's monetary base is on the rise and is expected to continue expanding due to the Bank of Japan's asset purchases, Governor Masaaki Shirakawa said on Monday, countering criticism that the BOJ was not pumping enough money into the economy. "Even compared with other central banks, the BOJ has been expanding the monetary base aggressively," Shirakawa told a parliamentary committee, adding that the central bank will maintain powerful monetary easing until 1 percent inflation comes into sight. The BOJ set the 1 percent inflation target and eased policy in February, and followed up with additional stimulus in April, to show its determination to hit that goal and overcome the deflation that has stifled the economy for much of the past two decades.

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