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If the Bank of Japan wants to reach its 2 percent inflation target, policymakers may find more success in helping the typical grandparent remain employed rather than simply pumping monetary stimulus into the economy, according to economist Naoyuki Yoshino, who heads a government-affiliated think tank.

Yoshino explained that while monetary policy in Japan has contributed to pushing up wages among the working-age population, structural reforms are more important to achieve inflation because the effectiveness of monetary policy has reached its limits.

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