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Financial News: Kuroda Sees No Reason Now For BoJ To

Kuroda Sees No Reason Now For BoJ To Withdraw Stimulus

03/24/2017 - 06:50:00 (RTTNews)

(RTTNews) - Japan's economy is more firmly progressing towards a recovery, but there was still a long way to go to attain the 2 percent price stability target, and hence, the central bank cannot withdraw its massive stimulus now, Bank of Japan Governor Haruhiko Kuroda said Friday.

"There is no reason to reduce the level of monetary accommodation at the moment in terms of economic and price developments," Kuroda said in a speech at an event in Tokyo hosted by Reuters news agency.

The momentum toward achieving the 2 percent target is maintained but not yet sufficiently firm, the BoJ Chief said. The bank expects the target to be achieved around fiscal 2018.

"Risks to both economic activity and prices are skewed to the downside, and developments in medium- to long-term inflation expectations warrant particular attention," Kuroda said

He also noted that BoJ's monetary policy must be designed to achieve 2 percent price stability target based on the domestic economic situation.

"The Bank will not raise the target level of the long-term interest rates just because of a rise in such rates in other countries," Kuroda added.

Citing that the current policy stance has not impaired the functioning of financial intermediation for supporting economic activity, Kuroda said there was no need for now to raise interest rates either short-term or long-term.

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