Prime Minister Shinzo Abe said Sunday that his government will set a medium-term 2 percent inflation target with the Bank of Japan in a joint statement expected later this month to help shore up the recession-hit economy.
"What will be important is properly including the price goal of 2 percent," Abe said during a program on NHK in his latest move to pressure the central bank to be more aggressive in combatting the country's chronic deflation ahead of its next monetary policy meeting on Jan. 21 and 22.
Abe said the BOJ's current goal of 1 percent inflation lacks "strong determination" and that the government and central bank will come up with "a definite goal and write that it will be 2 percent."