TOKYO (Reuters) - The Bank of Japan on Friday highlighted the need to enhance its research and analytical capabilities in the first medium-term strategic plan compiled under academic-turned governor Kazuo Ueda, who took office in April last year.
"The Bank will enhance its capabilities in policy making, research and analysis," in fulfilling its mission of achieving price and financial stability," the BOJ said outlining key principles of its business operations from fiscal 2024 through 2028.
The plan's emphasis on the need to beef up research and analysis came in the wake of the BOJ's decision on Tuesday to end its unorthodox monetary easing, which marked a historic shift away from its focus on reflating growth with decades of massive stimulus.
"With greater uncertainties and faster changes in external environment, the Bank has faced broader and more complex challenges to its policies and business operations," the BOJ said in the plan, underscoring its increased focus on grasping changes in the economy that could warrant further interest rate hikes.