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TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda Monday maintained his
optimistic economic growth and inflation outlook for Japan.
Kuroda's remarks, coming at the opening of the BOJ branch managers' meeting
in Tokyo, indicated that the central bank's overall assessment hasn't changed
from March's policy meeting after the BOJ downgraded its assessment of exports,
industrial production and the global economy.
The key points of Kuroda's remarks:
--Japan's economy is expanding moderately, with a virtuous cycle from
income to spending operating, although exports and production have been affected
by the slowdown in overseas economies. Japan's economy is likely to continue its
--The year-on-year rate of change in the CPI is likely to increase
gradually toward 2%, mainly on the back of the output gap remaining positive and
medium- to long-term inflation expectations rising.
--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 including the effects of
the consumption tax hike scheduled to take place in October.
--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 the economy and prices as well as financial conditions, with
a view to maintaining the momentum toward achieving the 2% price target.
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