Reuters: US Dollar Report: BOJ's Sato: sales tax hike key to Japan's fiscal reform

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BOJ's Sato: sales tax hike key to Japan's fiscal reform Jul 22nd 2013, 05:39 FUKUSHIMA, Japan, July 22 | Mon Jul 22, 2013 1:39am EDT FUKUSHIMA, Japan, July 22 (Reuters) - Bank of Japan board member Takehiro Sato said on Monday that raising the sales tax is an important step toward restoring the country's fiscal health. "The BOJ is buying 70 percent of newly issued Japanese government bonds under its bold policy, which could be interpreted as monetising government debt. To avoid such misinterpretation it is very important for the government to strive towards fiscal reform," Sato told a news conference after meeting business leaders in Fukushima, northeastern Japan. A former economist who joined the BOJ last year, Sato has voted for the central bank's aggressive monetary stimulus in April but has voiced doubts on the feasibility of its pledge to achieve 2 percent inflation in roughly two years.

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