KOCHI, Japan (Kyodo) -- Bank of Japan Policy Board member Yoshihisa Morimoto said Wednesday that Japan will undergo "unprecedented" and "very large-scale" monetary easing this year as the central bank aims for the newly set 2 percent inflation target.

To hit the target, the BOJ "will pursue aggressive monetary easing" through such measures as a virtually zero interest rate policy and purchases of financial assets, Morimoto said in a speech in the southwestern city of Kochi.

The BOJ will supply more than 50 trillion yen in fresh funds for its asset purchase and loan support programs over the next one year, he said, adding that the central bank will make "timely and appropriate policy decisions" going forward.

Morimoto highlighted the government's role in beating deflation, saying it needs to carry out regulatory reform to create an environment for private-sector businesses to expand their activities.

He also said it is important to secure the financial market's confidence in Japan's fiscal health to prevent interest rates rising and produce sufficient positive effects of monetary easing.

As for prices, Morimoto said they are likely to hover around zero percent for the time being after briefly staying in negative territory.

But he also said a 1 percent year-on-year increase in the consumer price index in fiscal 2014 starting April next year has come in sight as the Japanese economy recovers.