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Financial News: BoJ Closely Examining Heightened Global Uncertainties, Say

BoJ Closely Examining Heightened Global Uncertainties, Says Kuroda

07/22/2019 - 23:26:00 (RTTNews)

(RTTNews) - The Bank of Japan is carefully monitoring heightened uncertainties regarding the global economy as some nervousness has been seen in global financial markets, Governor Haruhiko Kuroda said Tuesday.

"We will carefully examine various risk factors, in addition to developments in economic activity and prices as well as financial conditions, and weigh the benefits and costs of the policy effects," Kuroda said in a speech at the International Monetary Fund.

He said Japan's economy is no longer in deflation as the central bank continued its powerful monetary easing.

"The positive annual CPI inflation has taken hold, and the economy is no longer in deflation in the sense of a sustained decline in prices," Kuroda added.

Inflation is in the range of 0.5-1.0 percent. The banker reiterated that the BoJ will persistently continue with easing in order to maintain the momentum toward achieving 2 percent inflation target.

However, Kuroda said it is not easy to continue with such powerful quantitative and qualitative monetary easing for a long time.

Further, he said the bank adopted yield curve control in 2016, aiming to control both short-and long-term interest rates of bonds.

"In exerting monetary easing effects stably for a long time, the Bank judges that yield curve control is a better framework in terms of both controllability and sustainability," Kuroda added.

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