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TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda said on Thursday that
the central bank stands to act as downside risks to economic activities and
prices remain large.
"While continuing to carefully examine various risks, the BOJ will not
hesitate to take additional easing measures if there is a greater possibility
that the momentum toward achieving the price stability target gets lost," Kuroda
said at Japan Business Federation (Keidanren).
Kuroda largely repeated his remarks recently stated on the outlook for
monetary policy and Japan's economy.
Other key points from Kuroda's speech:
- BOJ projects that growth rate of the global economy will rise moderately
through mid-2020, subject to considerable uncertainties.
- Three major reasons behind BOJ projection: uncertainties over the global
economy eased somewhat due to developments in the U.S.-China trade negotiations;
the global cycle for IT-related goods has been picking up; effects of each
country's macroeconomic policy.
- Domestic demand is likely to follow an uptrend with a virtuous cycle from
income to spending operating. Although its pace of increase is expected to
decelerate temporarily, a large decline will likely be avoided.
- Economic measures that the government recently implemented can exert
significant effects in maintaining the expanding trend in the economy with BOJ's
pursuit of strong monetary easing.
- Aiming at achieving the price stability target of 2% as in other advanced
economies will lead to stability in foreign exchange rates from a long-term
perspective. Stability in foreign exchange rates has contributed to corporate
management and the stability of the overall economy.
- BOJ will continue to achieve price stability target so Japan's economy
may grow sustainably under the virtuous cycle of the economy.
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