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CNY Fixing: Back To A Slightly Firmer Bias


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MNI (London)
     TOKYO (MNI) - The Bank of Japan bank's 2% price stability target will not
be achieved in fiscal 2020, the year to March 31 2021, Governor Haruhiko Kuroda
told a parliamentary committee Tuesday.
     Kuroda told lawmakers that the rise in inflation rate is being impeded by
structural factors and "the possibility is small that the 2% price target will
be achieved in fiscal 2020."
     However, Kuroda said that Japan's inflation rate is expected to rise toward
the 2% price target on the back of a continued economic recovery and as
structural factors gradually disappear.
     "The economy has improved clearly, but the 2% price target hasn't been
achieved. We need to patiently maintain the easy policy as it takes time to
achieve the 2% price target," Kuroda said.
     The governor said he sees no need of additional easy policy now although it
is vital for the BOJ to maintain its current powerful easy policy to achieve the
2% price target.
     When asked about the negative impact of easy policy on profits at regional
banks, Kuroda said, "We know the severe environment facing regional financial
institutions and we will continue to pay attention to developments of banks'
profits and financial conditions."
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
--MNI London Bureau; tel: +44 203-586-2225; email:
MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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