Bank of Japan Governor Kuroda speaking to a branch manager meeting.
- Japan's economy has been expanding moderately as a trend, though exports, output and business sentiment have been affected by overseas slowdown
- Japan's economy likely to continue expanding moderately as a trend, though affected by overseas slowdown for time being
- consumer inflation is moving around 0.5%
- consumer inflation to accelerate gradually towards 2% on positive output gap and rises in inflation expectations
- Japan's financial system is maintaining stability
- BOJ will maintain QQE with yield curve control for as long as needed to achieve 2% inflation in stable manner
- BOJ will continue expanding monetary base until consumer inflation stably exceeds 2%
- BOJ will keep short-, long-term rates at current very low levels for extended period, at least through around spring 2020
- need to pay closer attention to chance that momentum towards achieving price target will be lost
- won't hesitate to take additional easing steps if risks grow that momentum towards achieving price target will be lost
- to monitor effects of natural disaster on real economy, maintain functioning and smooth settlement of funds
Kuroda emphasising how easy the Bank if right now, and will stay that way ahead.
