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REPEAT: JAPAN PRESS: BOJ Kuroda: No Rate Hike for Long Period 

Repeats Story Initially Transmitted at 05:34 GMT Sep 3/01:34 EST Sep 3
--BOJ Kuroda: Downside Risks To Global Growth Higher Than Before
     TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda said the BOJ will not
raise interest rates for an extended period, confirming the bank's latest policy
stance, the Yomiuri Shimbun reported on Saturday.
     Kuroda also warned that downside risks to the global economy are higher
than in the spring (around April) in the face of the U.S.-China trade dispute
and fund outflows from emerging economies.
     In an interview with the newspaper on Friday, Kuroda said, "We have no
plans to raise interest rates for a fairly long period."
     Raising rates soon "would not have a positive impact on the economy and
financial institutions," he said.
     Asked how long is an "extended period" during which the bank will maintain
its forward guidance adopted at its July 30-31 policy meeting, Kuroda replied,
"We don't set any specific timeframes, such as 1 year, 3 years or 5 years. We
are committed to continuing the current low interest rates as long as
uncertainties persist."
     He also said it would be appropriate for the BOJ to achieve its 2%
inflation target before his second five-year term ends in April 2023.
     The bank set the target in January 2013 but has so far failed to lift the
year-on-year rise in the core CPI (excluding fresh food) beyond 1.5%, despite
aggressive easing it launched in April 2013.
     At the July meeting, the BOJ board decided in a 7-to-2 vote to make its
long-term interest rate target and asset purchases more "flexible," allowing the
nearly flat Japanese government bond yield to steepen slightly in line with
firmer growth and inflation.
     The BOJ adopted "forward guidance" for the policy rates to show that it is
"strengthening its commitment" to guiding low inflation to its stable 2% target.
This should help the bank "persistently continue" aggressive monetary easing as
the stubborn deflationary mindset lingers among businesses and households.
     By adopting forward guidance, the BOJ also vowed to maintain super-low
interest rates "for an extended period" to counter uncertainties including the
drag from the sales tax hike planned in October 2019
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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