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Financial News: Kuroda Says BoJ To Ease Policy Without Hesitation

Kuroda Says BoJ To Ease Policy Without Hesitation

12/26/2019 - 04:33:00 (RTTNews)

(RTTNews) - The Bank of Japan will not hesitate to ease its monetary policy further if there is a greater possibility that the momentum towards achieving the 2 percent inflation target is lost, Governor Haruhiko Kuroda said on Thursday.

When the central bank pursues monetary easing, the economic stimulus adopted by the government can exert significant effects to maintain the expanding trend in the economy, Kuroda told business leaders in Tokyo.

"That said, the cooperation between monetary and fiscal authorities entails difficulties in terms of ensuring public confidence toward macroeconomic policy," Kuroda said.

In order to lift corporate profits in a sustainable manner, it is important to maintain a virtuous cycle in the economy in which prices rise moderately along with wage increases.

"I hope that firms' stance will continue to shift toward further raising wages and prices under the favorable economic environment, and that a virtuous cycle of wages and prices will gain further strength," the BoJ chief said.

Kuroda observed that firms' active stance toward fixed investment lead to a rise in Japan's growth potential through an accumulation of capital stock and a rise in productivity. To further enhance Japan's growth potential, firms need to continue with positive investment, he noted.

The central banker concluded the speech saying the BoJ will continue to firmly fulfill its responsibility as a central bank of achieving the price stability target so that Japan's economy will grow in a sustainable manner under the virtuous cycle of the economy.

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