Kikuo Iwata, the Liberal Democratic Party-led government's nominee for deputy governor at the Bank of Japan, on Tuesday placed the onus of achieving 2 percent inflation on the BOJ's shoulders, calling for bolder monetary easing to reach the target within two years.
"The BOJ needs to be totally responsible for achieving 2 percent inflation in the consumer price index," Iwata, a professor at Gakushuin University, said during a confirmation hearing before a Lower House panel.
He also said the BOJ must "further promote quantitative easing" to maintain the yen's weakness against other major currencies and rallies in Tokyo stocks. The BOJ law, which secures the central bank's independence, needs to be revised to attain the inflation target swiftly and smoothly, Iwata added. If the BOJ fails to achieve the goal, he said, "Resigning (from the post) would be the best way to take responsibility."