12.03.201302:03:20UTC+00BOJ deputy nominee Iwata: Bank of Japan must proceed with QE

The Bank of Japan must move on with quantitative easing to make sure that the prevailing positive market trend of yen weakness and stock price improvements continue on assumptions of higher inflation, Kikuo Iwata, the government's nominee to become next deputy BOJ governor, said on Tuesday.

"Bold monetary easing will be necessary for some time," Iwata stated in a hearing at the upper house of parliament. 

Last month Prime Minister Shinzo Abe appoints Iwata, 70, a professor at Tokyo's Gakushuin University, to be one of the two new deputy governors of the BOJ in a shift for more aggressive monetary easing to achieve a 2 percent inflation target and end nearly two decades of deflation.