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Bank of Japan Gov. Masaru Hayami on Monday said Japan’s economy requires additional structural reforms to put it on a sustainable growth path.

Bank of Japan Gov. Masaru Hayami on Monday said Japan’s economy requires additional structural reforms to put it on a sustainable growth path.

In a speech at a Tokyo hotel, Hayami stressed the importance of “further structural reforms, including a review of legislation and taxation systems that hinder reforms.”

Also required is a reallocation of resources from the inefficient public sector to the private sector and to growing industries, as well as the emergence of innovative individuals, Hayami said.

The central banker acknowledged that the economy has undergone substantial changes during the past decade.

“The Japanese economic model has been transformed in line with changes in the economic environment after the burst of the bubble” in the early 1990s, he said.

“I’m sometimes criticized for going beyond my duties as a central banker, too often voicing the importance of structural reforms,” he said.

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