Reuters: US Dollar Report: BOJ's Miyao: must take careful, bold steps when needed

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BOJ's Miyao: must take careful, bold steps when needed Sep 5th 2012, 02:32 SHIMONOSEKI, Japan, Sept 5 | Tue Sep 4, 2012 10:32pm EDT SHIMONOSEKI, Japan, Sept 5 (Reuters) - Bank of Japan board member Ryuzo Miyao said on Wednesday the central bank must take careful and bold steps when necessary, signalling readiness to ease monetary policy further if the economy's recovery prospects are threatened. Miyao also warned of heightening risks to the outlook, such as slowing global growth and yen rises, adding that exports and output may not pick up in time to ensure a near-term recovery in the world's third-largest economy. "Japan's economy is expected to return to a moderate recovery but we must be mindful of the heightening risk that a pickup in global growth may be delayed," Miyao said in a speech to business leaders in Shimonoseki, in the western Japan prefecture of Yamaguchi. A former academic, Miyao is regarded as one of the board members who are most pessimistic about Japan's economic recovery prospects and keen on easing monetary policy preemptively. The BOJ set a 1 percent inflation target and eased monetary policy through an increase in asset purchases in February to convince markets it was serious about pulling Japan out of deflation. It followed up with another easing in April but has held its fire since then.

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