November 14, 2012 / 8:18 AM / in 5 years

Japan opposition head calls for new price target, "unlimited" BOJ easing

TOKYO, Nov 14 (Reuters) - Japan’s main opposition party leader Shinzo Abe said on Wednesday the Bank of Japan should set a new inflation target and take “unlimited” action to achieve it, piling on pressure for further monetary easing to beat deflation.

Abe, who polls suggest would become the next prime minister if incumbent premier Yoshihiko Noda calls a snap election this week as promised, also suggested the BOJ Law could be revised to pressure the central bank to cooperate more with the government in beating deflation.

A vocal critic of the BOJ, Abe has called for setting a 3 percent inflation target, higher than the central bank’s current 1 percent goal, and pressuring the bank to take bolder action to achieve it by revising the law guaranteeing its independence from political interference.

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