Reuters: US Dollar Report: BOJ nominee Iwata: BOJ law revision needed for inflation targeting

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BOJ nominee Iwata: BOJ law revision needed for inflation targeting Mar 5th 2013, 02:47 TOKYO, March 5 | Mon Mar 4, 2013 9:47pm EST TOKYO, March 5 (Reuters) - A revision to the law that guarantees the central bank's independence is necessary so it explicitly says the Bank of Japan can choose its options freely to meet its inflation target, Kikuo Iwata, the government's nominee to become a central bank deputy governor, said on Tuesday. The revision to the BOJ law may not take place right away but more debate in parliament is needed, Iwata said at a confirmation hearing in the lower house of parliament. Prime Minister Shinzo Abe last week nominated Iwata, a professor at Tokyo's Gakushuin University, to be one of two new deputy governors of Japan's central bank in a push for more aggressive monetary easing to meet a 2 percent inflation target and end nearly two decades of deflation.

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