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MNI REVIEW: BOJ Kuroda Cements Mkt Expectation for More Easing

MNI (Beijing)
     TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda continued to flag that
the BOJ without hesitation will conduct more easing preemptively if the BOJ
faces a serious risk that the price momentum will be lost.
     The BOJ made it clear its stance of conducting additional easy policy
without hesitation through the new forward guidance, Kuroda told reporters on
Thursday.
     "The BOJ stance of conducting easy policy doesn't retreat from the previous
stance," Kuroda said. The BOJ didn't conduct additional easing policy on
Thursday.
     Kuroda's remarks were aimed at planting the BOJ's stance of standing ready
to take additional easy policy if needed without delay in market players and the
BOJ will not be behind the curve and dampening the speculation that the BOJ is
running out of effective policy tools.
     The BOJ left policy unchanged, rejecting the chance to buy some insurance
and take preemptive policy action as it maintained the view that the recovery
was continuing as solid domestic demand continued to underpin the recovery,
although downside risks remained.
     The BOJ did tweak its forward guidance, indicating that it will tolerate
policy rates moving below the current levels.
     "As for the policy rates, the BOJ expects short- and long-term interest
rates to remain at their present or lower levels as long as it is necessary to
pay close attention to the possibility that the momentum toward achieving the
price stability target will be lost," the BOJ said. 
     This means that the BOJ incorporated the policy stance of conducting
additional easing without hesitation if needed into the forward guidance. 
     Kuroda also cited four policy tools as additional easy policies, such as
lowering the short- and long-term policy interest rates, expanding asset
purchases and accelerating the pace of injecting monetary base.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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