Atsushi Mizuno, a member of the Bank of Japan's Policy Board, said Thursday the central bank's decision to keep interest rates on hold for now has a "positive meaning," indicating he sees no need for higher borrowing costs anytime soon.
"The fog hanging over Japan's economy will stick around for the time being," Mizuno said in a speech to business executives in Aomori Prefecture. "There is a positive meaning for the central bank's board to keep policy unchanged."
Mizuno was the only board member to vote for a rate increase at policy meetings from last July to November, although he dropped the call in December, saying the BOJ should take time to examine whether profits will keep feeding into incomes and consumption. He said Thursday that recent data show consumer spending has weakened.