OKAYAMA, Japan, Aug 20 (Reuters) - Bank of Japan board member Atsushi Mizuno said on Thursday the central bank had no effective means with which to quickly counter the current bout of deflation, which is largely due to a weak economy.
"With interest rates very low at 0.1 percent, there is very little monetary policy can do to create demand," Mizuno told a news conference after speaking to business executives in Okayama, western Japan.
A former bond strategist, Mizuno voted against the BOJ's decision to cut rates in October last year, arguing that such a move would do little to boost the economy.
But he supported the BOJ's subsequent rate cut in December and also called for unconventional policy steps in February to prevent the economy from worsening further.
Mizuno's five-year term on the board expires in December. (Reporting by Leika Kihara)