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BOJ no longer playing main role in Japan's economic policy

TOKYO -- The Bank of Japan has reviewed the monetary easing policy it has pursued since 2013 and changed its policy framework from emphasizing the quantity of monetary base to emphasizing interest rates. The Nikkei asked University of Tokyo Prof. Kazuo Ueda, a former member of the BOJ Policy Board, how he perceives the policy change as it remains uncertain when the bank will be able to achieve its inflation target.

Q: The BOJ has introduced a new policy framework, in which it aims to control mainly short- and long-term interest rates.

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