Central Banks


Bank of Japan Governor Kuroda

Speaking to a branch manager meeting

  • Japan’s economy expanding moderately
  • Japan’s economy expected to continue expanding moderately
  • Consumer inflation moving around 1 pct
  • Japan’s financial system maintaining stability
  • BOJ will maintain qqe with yield curve control for as long as needed to achieve 2 pct inflation in stable manner
  • BOJ will continue expanding monetary base until consumer inflation stably exceeds 2 pct
  • BOJ will keep short-, long-term interest rates at current very low levels for an extended period
  • BOJ will adjust monetary policy as needed to maintain economy’s momentum to achieve its price target
  • BOJ will guide monetary policy appropriately with eye on risks

K’s remark on inflation around 1% … that doesn’t sound great given the target is 2%, but it is a higher rate than the BOJ is accustomed to. 

Kuroda will not be unhappy about the ‘improvement’. The fact he has even mentioned a number is sign he is a little more optimistic. 



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