Bank of Japan Policy Board member Yoshihisa Morimoto said Wednesday that the nation will undergo "unprecedented" and "very large-scale" monetary easing this year as the central bank aims for the newly set 2 percent inflation target.
To meet the target, the BOJ "will pursue aggressive monetary easing" through such measures as a policy of keeping the interest rate at virtually zero as well as the purchase of financial assets, Morimoto said in a speech in the city of Kochi.
The BOJ will supply more than ¥50 trillion in fresh funds for its asset purchase and loan support programs over the next year, he said, adding that the central bank will make "timely and appropriate policy decisions" going forward.
Morimoto highlighted the government's role in beating deflation, saying it needs to carry out regulatory reform to create an environment for private-sector businesses to expand their activities.