Finding the right monetary policy response to tackle soaring inflation is an "art," European Central Bank President Christine Lagarde has said.
"It is not a science," Lagarde said on June 29 at a panel at the ECB's annual central banking conference in Portugal.
"What we are doing there is an element of art," she said.
The Bank of Japan on June 17 stuck to its long-held monetary easing policy even as other central banks around the world hike interest rates to tame inflation.
But it said it would "pay due attention" to foreign exchange markets, a rare comment that comes after the yen hit a 24-year low against the dollar.
The government will be able to oversee price moves instantly with a new digital system, according to a decision taken at the Economy Coordination Board meeting on April 13.
The recent development in the global supply chains and the effects of rising commodity prices on the inflation rates were evaluated at the meeting chaired by Vice President Fuat Oktay, according to a statement.
He again promised low inflation, saying “we are in the process of making Turkey one of the top 10 economies in the world”