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TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda maintained his
optimistic economic growth and inflation outlook for Japan's economy in comments
Thursday at the opening of the BOJ branch managers' meeting in Tokyo.
Kuroda's remarks indicated that the central bank's overall assessment
hasn't changed from December's policy meeting, although downside risks to the
global economy are increasing in the wake of the volatile financial markets.
The key points of Kuroda's remarks:
--The BOJ will examine the risks considered most relevant to the conduct of
monetary policy and will make policy adjustments as appropriate, taking account
of developments in economic activity and prices as well as financial conditions,
with a view to maintaining the momentum toward achieving the 2% price target.
--The BOJ intends to maintain the current extremely low levels of short-
and long-term interest rates for an extended period of time, taking into account
uncertainties regarding economic activity and prices.
--Japan's economy is expanding moderately, with a virtuous cycle in
operation from income to spending. Japan's economy is likely to continue its
--The year-on-year rate of change in the CPI (all items less fresh food) is
likely to continue on an uptrend and increase toward 2%, due mainly to an
improvement in the output gap and a rise in medium-to-long term inflation
--The governor didn't say when the BOJ is likely to anchor inflation around
2%, as the board stopped publishing the estimated timing of achieving the 2%
price target back in July 2018.
--Japan's financial system remains stable and financial environment remains
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