BOJ’s Harada says QQE has helped boost productivity

TOKYO (Reuters) – Bank of Japan board member Yutaka Harada on Monday defended the central bank’s massive asset-buying program dubbed quantitative and qualitative easing (QQE), saying the policy has helped create jobs and boost productivity.

“The biggest contribution QQE has made to Japan’s economy was to boost its productivity,” Harada said in a speech at a seminar.

“Without QQE, Japan’s jobless rate would not have fallen below 2.5 percent,” said Harada, known as a vocal advocate of aggressive monetary easing on the nine-member BOJ board.