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MNI BRIEF: Japan Inflation To Slow From Feb: BOJ Kuroda

(MNI) LONDON

Japan's inflation rate is set to decline from February, Bank of Japan Governor Haruhiko Kuroda said Friday, although he acknowledged that the target sustainable 2% rate will be met. Speaking at the World Economic Forum in Davos, Kuroda said inflation hit 4% in December, a 40-year high, but the higher prices were still being driven mainly by increased import costs.

Kuroda said the December decision to widen the tolerated trading band for 10-year JGB yields to +/-50 basis points either said of the 0% target was correct and the central bank would need to continue with exceptionally accommodative policy for now.

He noted Japan's economy continues to recover from the pandemic, growing 2% in 2022 -- a level likely to be replicated in 2023 -- both significantly above the potential growth rate of 1%. That, he said, would help push wages higher and be a further step towards achieving the sustainable 2% inflation target (MNI POLICY: BOJ To Tweak Guidance If Covid Severity Downgraded)

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Policy NewsCentral Bank NewsHomepageAPACBank of Japan (BOJ) Market NewsJapanBank of JapanBriefStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Policy NewsCentral Bank NewsHomepageAPACBank of Japan (BOJ) Market NewsJapanBank of JapanBriefStoryRegion
True

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