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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI POLICY: BOJ Can Reduce Rates But Focused On Financing Now
--Kuroda Outlines Policy Options In FT Talk, But Lending Key For Now
TOKYO (MNI) - The Bank of Japan can push rates further into negative
territory if need be, but the most important thing now is to provide necessary
financing to firms and households, Governor Haruhiko Kuroda said Thursday.
"Of course, if necessary, we can make further monetary easing, by expanding
asset purchase program and expanding financing for companies, including smaller
firms, and also we can reduce interest rates," Kuroda told the FT's Digital
Dialogues: the Global Boardroom.
"But I don't think necessary now. When we have to make further additional
monetary easing, there are many options and measures," he added.
"We have to make fairly accommodative financial conditions in the coming
years. But extraordinal monetary policy, such as government bond purchases
without a limit, are temporary measures," he said.
--NO DEFLATION
On the economy, Kuroda said Japan will see a contraction in Q2 as well as
in Q1, as Japan deals with the shock of the coronavirus.
However, once the virus spread is contained globally, Japan's economy could
start recovering in the second half of this year, he noted.
"We have to carefully monitor how the coronavirus contains and whether the
second wave comes or not," Kuroda added.
On inflation, he said "Of course, I don't think a 2% target to achieve
soon," Kuroda said.
"According to the estimates by the policy board members, the inflation rate
in fiscal 2020 is negative but the inflation rate in 2021 and 2022 is positive."
"We don't expect Japan's economy will return to deflation."
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.