TOKYO (AFX-ASIA) - State Minister for Economic and Fiscal Policy Heizo Takenaka said he believes the Bank of Japan should consider purchases of foreign bonds as one of the available options to secure monetary easing. "There was no discussion of purchasing foreign bonds at the policy meeting today but I am now reiterating that the BoJ should consider new easing measures beyond those of conventional wisdom," Takenaka said. "A purchase of foreign bonds should be considered as one available option, while both the positive and negative effects of such measures should be placed on comprehensive review," he said after the policy board meeting. "I believe the existing policies have had some effect on the economy," he said, adding: "I have to admit that there will be a lot of uncertainty on the effects of policy if we enter a new situation that we have never encountered." Takenaka said he hopes that the central bank is encouraged by the structural reforms employed by the government. "I explained to board members that over the past two weeks there has been remarkable progress on structural reforms on the part of the government," he said. "The FSA's special inspection has led to acceleration of bad-loan disposal, while the government has decided to compile a second supplement budget," he said. "I urged the BoJ to continue its monetary easing policy, based on those developments, in collaboration with the government and its structural-reform efforts," Takenaka added.