The 2% inflation target that guides monetary policy in Japan is too rigid, said Mana Nakazora, a private-sector member of the influential Council on Economic and Fiscal Policy.

The council, which is chaired by Prime Minister Fumio Kishida, is responsible for periodically reviewing Japan’s efforts to create price stability and sustainable economic growth, as set out in a 2013 joint statement from the government and the Bank of Japan.

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