BoJ Deputy Governor Himino says no strict definition on what constitutes stagflation, adds must be vigilant to chance Middle East conflict, which if prolonged, could work to weigh on the economy and push up inflation

Says:

• Doesn't think Japan's economy is in stagflation.
• Face dilemma if prolonged Middle East conflict pushes down growth and accelerates inflation.
• Will make appropriate decisions on price target and will make the appropriate decision at each meeting.
• Will take most appropriate policy to stably hit the inflation target, considering scale and duration of shocks and broader economic environment. 
• Will scrutinise all available data at each meeting to update economic and price forecasts, risks, and the likelihood of durably achieving the price target.