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The Bank of Japan should stop its record bond purchases because the policy has failed to spur consumer prices and instead focus with the government on a wage target, according to a former central banker.

While BOJ Gov. Haruhiko Kuroda’s asset purchases and negative interest rate policy have dragged down the benchmark 10-year Japanese government bond yield to as low as minus 0.3 percent last month, inflation is back where it was before he began his easing program 3½ years ago. Central bank purchases have sapped sovereign-note liquidity and driven volatility to the highest level since 1999.

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