Japan Panel Members Stress Coordination with BOJ Amid Rising Interest Rates

The private-sector members of Japan's key economic advisory panel emphasized the importance of close coordination between the government and the Bank of Japan (BOJ) on monetary policy, while reaffirming respect for the central bank's independence.

The four private-sector members of the Council on Economic and Fiscal Policy (CEFP) made their recommendations in a statement submitted to the panel's meeting on Wednesday, September 30. They stressed that the government and the BOJ should share assessments of economic and price developments and work together in close coordination, each fulfilling their respective roles.

Economy Minister Minoru Kiuchi told reporters after the meeting that the government and the BOJ maintain close communication and regularly exchange views at various levels. He added that there is no major discrepancy between the two sides in their understanding of economic and price conditions.