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Free AccessREPEAT: MNI: BOJ Kuroda: Delinking 2% CPI From Easing Spec
TOKYO (MNI) - Bank of Japan Governor Haruhiko Kuroda on Friday said the BOJ
has stopped publishing its estimate on when it can achieve the 2% inflation
target in order to "dispel the misunderstanding" among some market participants
that a delayed timing would prompt the bank to conduct additional easing.
But Kuroda also told a news conference that the BOJ's commitment to
anchoring 2% inflation "as early as possible" is unchanged and that the bank
will "patiently" maintain large-scale monetary easing to achieve the target.
At its two-day policy meeting that ended earlier Friday, the BOJ board
decided in an 8-to-1 vote to maintain its cautiously stimulative monetary easing
stance under the yield curve control framework while dropping its estimate on
when it can achieve the increasingly evasive 2% inflation target in the
quarterly Outlook Report.
While noting the path to 2% inflation is intact, Kuroda said long-term
inflation expectations among businesses and households remain weak.
The recent improvement in the output gap will lead to higher consumer
prices, which then should lift inflation expectations and actual prices, he
said.
"Short-term inflation expectations are rising slightly but medium- to
long-term inflation expectations haven't moved," Kuroda said.
By removing the reference to the timeframe for 2% inflation, the BOJ does
not have to keep pushing it back as price rises remain subdued.
The BOJ has pushed back the timeframe of hitting the 2% price target six
times since it launched aggressive easing five years ago. Until recently, its
estimate was that Japan could anchor 2% inflation "around fiscal 2019."
Kuroda said the board's decision to drop the reference does not mean the
BOJ will change the way it conducts monetary policy.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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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.