Ex-Treasury Summers welcomes BOJ's yield curve target and inflation target
The Bank of Japan's decision to target the yield curve and allow inflation to overshoot its 2 percent inflation target are welcome steps in Japan's long battle to encourage inflation, said former U.S. Treasury Secretary Lawrence Summers.
Targeting the yield curve will keep interest rates low enough to encourage government borrowing, which is needed to help support the economy, Summers told reporters at a seminar hosted by the BOJ.
The BOJ's commitment to overshoot its price target should encourage inflation expectations is something other central banks should consider, said Summers,... read more
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