The Bank of Japan is likely to hold off on expanding monetary stimulus for as long as possible but when it does act, it will take "extraordinary" steps such as buying government bonds on a massive scale, a former central bank policymaker said on Monday. Miyako Suda, who served on the BOJ board for a decade until 2011 and helped to plot Japan's battle against deflation, added that despite some initial success the central bank is unlikely to meet its inflation target, since it is unclear how its huge asset purchases would lead to higher inflation expectations. "The BOJ will probably maintain its bullish price forecast ... (full story)