Having long trod a similar path in tackling low inflation, Japan and Europe now appear to be taking contrasting approaches to monetary policy and the risks of rising prices, which drew warnings at this week's Group of Seven gathering in Germany, Reuters reported. Bank of Japan Governor Haruhiko Kuroda repeated his dovish mantra on Friday, saying the recent cost-push inflation will be short-lived and will not warrant withdrawing stimulus. "There's absolutely no change to our view it's appropriate to maintain our yield curve control policy, including negative interest rates," Kuroda said after attending the G7 finance leaders' meeting. Kuroda's tone contrasted with those of European officials who are becoming increasingly concerned about inflation, enough to pre-commit to rate hikes. "It is for sure that negative interest rates are a thing of the past," European Central Bank policymaker Joachim Nagel said after the G7 meeting. "The fact is that inflation dynamics have changed profoundly within a relatively short period of time. Accordingly, monetary policy has changed in most G7 countries." With the United States also struggling to tame soaring inflation, the G7 finance leaders' communique said central banks must calibrate the pace of monetary tightening to address inflation reaching "levels not seen for decades". German Finance Minister Christian Lindner, who chaired the G7 meeting, said central banks had a "great responsibility" to help get inflation under control. Japan's core consumer inflation only slightly exceeded the BOJ's 2% target in April for the first time in seven years. Read more.