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The Bank of Japan should expand already-record stimulus at its April meeting, as a wait-and-see stance risks further appreciation of the yen, according to Takatoshi Ito, a former colleague of BOJ Gov. Haruhiko Kuroda.

“It would be better for the BOJ to act in April,” Ito, currently a professor at Columbia University in New York, said in an interview. “If they opt to monitor economic conditions, the yen may gain more and the BOJ is likely to be forced to add easing in June in response to the markets’ demands. Then, the effects of stimulus would be limited.”

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