A panel of academics and business executives on Monday urged the Bank of Japan (BOJ) to make its 2% inflation target a long-term goal, instead of one that must be met as soon as possible, in light of the rising cost of prolonged monetary easing. In the proposal, the panel also called for the need to have interest rates rise more in line with economic fundamentals, and normalise Japan's bond market function. "The way the BOJ conducts monetary policy must be revamped," Yuri Okina, the panel's co-chair who is considered as among candidates to become the next BOJ deputy governor, told a news conference. "By making ... (full story)