TOKYO (AFX-ASIA) - The head of the Liberal Democratic Party's stockmarket support panel, Hideyuki Aizawa, said a group of fellow politicians will submit legislation to the parliament to force the Bank of Japan to set a price target. "The BoJ will have to set a price target, under our legal revision, just like industrialised countries in Europe and also set a deadline for achieving the target," Aizawa told reporters after a meeting of the group. "The revised law will permit the BoJ to buy stocks and foreign government bonds held by investors resident in Japan in its day-to-day market operations," he added. "When we have decided on the draft legislation, we will move to talk with other coalition parties on the issue and then submit the revision within this month," Aizawa said. Kozo Yamamoto, another member of the group and an LDP politician, said the bank could avoid the liquidity trap that has paralysed the banking system by dealing directly with the corporate and consumer sectors. "If the BoJ can use equities for its market operations, the bank can put a lot of money into the economy at the level of corporations or consumers, detouring around the banking system," he said. "This will enable the bank to offer an alternative to the banks' widely known inability to lend money," he said. BoJ governor Masaru Hayami has previously argued that an annual 2 pct price rise is appropriate for any target, Yamamoto noted, adding: "We think that is a key number."