Japan Abe aide: No need to revise BOJ law if it meets expectations

TOKYO Fri Dec 21, 2012 2:23pm IST

Shinzo Abe, Japan's incoming Prime Minister and the leader of Liberal Democratic Party (LDP), attends a meeting at the LDP headquarters in Tokyo December 21, 2012. REUTERS/Toru Hanai

Shinzo Abe, Japan's incoming Prime Minister and the leader of Liberal Democratic Party (LDP), attends a meeting at the LDP headquarters in Tokyo December 21, 2012.

Credit: Reuters/Toru Hanai

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TOKYO (Reuters) - A close aide to Japan's next Prime Minister Shinzo Abe said on Friday that as long as the central bank meets the party's expectations for a 2 percent inflation target and more aggressive monetary easing, there will be no need to revise the Bank of Japan law.

Abe, whose Liberal Democratic Party won Sunday's election by a landslide, has put the central bank's independence on the line by repeatedly calling for a binding 2 percent inflation target, double its current price goal.

"I think there is no need to revise the law if the BOJ takes measures that we have been seeking," Katsunobu Kato, special assistant to Abe, told Reuters in an interview.

On Thursday, the BOJ delivered its third shot of monetary stimulus in four months, in a prelude to more aggressive action next year as it faces intensifying pressure from the country's next leader for bolder action to beat deflation.

(Reporting by Kaori Kaneko and Stanley White; Editing by Edwina Gibbs)

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