Auto industry chief calls on BOJ to pursue strong monetary easingKyodo News International, Inc.
TOKYO, March 21 -- (Kyodo) _ Japan Automobile Manufacturers Association chief Akio Toyoda said Thursday he wants the Bank of Japan, under the leadership of new governor Haruhiko Kuroda, to pursue "aggressive monetary easing" to pull the country out of deflation as quickly as possible.
"Japan has been plagued by deflation for the past 20 years," Toyoda, who is also president of Toyota Motor Corp., said at a press conference. "Consumption would not increase if tomorrow's prices were to be lower than those of today."
Toyoda also welcomed Prime Minister Shinzo Abe's announcement last week to join the Trans-Pacific Partnership free trade agreement talks, saying that such an accord is necessary for Japanese companies operating globally.