TOKYO, Dec. 5 (Xinhua) -- Bank of Japan (BOJ) Policy Board Member Toyoaki Nakamura on Thursday stressed that the country's monetary policy should adapt to the pace of economic recovery and decisions of rate adjustments must be based on published data.
In a speech delivered in Hiroshima, Nakamura noted that while there are signs of weakness in some areas, Japan's economy is recovering moderately, public broadcaster NHK reported.
"It is important to carefully adjust the degree of monetary easing in accordance with the state of economic recovery, based on a thorough review of data," he said regarding the monetary policy.
The BOJ ended its negative rate policy in March this year with the first rate hike in 17 years, followed by another increase in July. It kept its policy rate unchanged at September and October meetings.
Market observers have speculated that the BOJ might announce another rate hike at its meetings this month or next.
Regarding a rate hike this year, Nakamura pointed out that many data points are still forthcoming and he plans to review them carefully before making any judgment, reiterating the importance of data-driven policy decisions moving forward. ■
