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Bank of Japan Governor Haruhiko Kuroda on Friday repeated his previous remarks that he sees no need to change the central bank's 2% price target, even though it would take time to be achieved.
Kuroda told lawmakers that the BOJ's stance of achieving the 2% price target, which is a global standard, is contributing to the stabilization of foreign exchange rates in the medium- to long-term.
The BOJ board will review the medium-term outlook for economic growth and the inflation rate for the period through to fiscal 2023 at the April 26-27 meeting. The board's median inflation forecast in fiscal 2023 after Governor Haruhiko Kuroda's second five-year term ends in April 2023 is expected to be around 1%.