Today the head of BOJ Kuroda announced that the central bank must continue aggressive easing, even if it leads to a further weakening of the yen. Kuroda also stated that the state economy is not in danger of overheating.
Here are some key comments from Kuroda:
- Japan's inflation may hover around 2% for the time being, but the BOJ should maintain the current aggressive monetary easing in order to reach its price target in a stable manner.
- Service price increases have been limited, which shows that inflation in Japan is not as common as it is in the United States.
- BOJ monetary policy should provide accommodative financial conditions, supporting the achievement of full economic recovery
- Japan's economy appears to be more resilient to rising commodity prices than it was in 2008.
- As the impact of covid-19 wears off, there is still plenty of room for cumulative demand to emerge.
- Japanese inflation is likely to pick up in the short term, but that increase will be mainly cost-driven, and it will not last long.
USDJPY pair strengthened sharply after Haruhiko Kuroda's comments. Source: xStation5
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