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Japan must revise BOJ law if it were to issue digital yen - ruling party official

TOKYO, Oct 12 (Reuters) - Japan must revise a law stipulating the Bank of Japan’s mandate and responsibilities if it were to issue central bank digital currencies (CBDC), a senior ruling party official said on Monday.

Any revision to the BOJ law would be a good opportunity to consider making other changes such as adding job creation to the central bank’s mandate, said Kozo Yamamoto, head of the Liberal Democratic Party’s council on financial affairs.

“Like the U.S. Federal Reserve, the BOJ should set job creation and inflation as its mandate ... The new law should also clarify that 2% inflation is the BOJ’s policy target,” he told Reuters. (Reporting by Leika Kihara and Takahiko Wada Editing by Chang-Ran Kim)

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