Bank of Japan Governor Haruhiko Kuroda said Monday it would take time to extricate the world’s third largest economy from its ultra-loose monetary policy as he embarked on a new five-year term. Prime Minister Shinzo Abe handed Kuroda a second term at the helm of the central
Bank of Japan Governor Haruhiko Kuroda said Monday it would take time to extricate the world’s third largest economy from its ultra-loose monetary policy as he embarked on a new five-year term.
Prime Minister Shinzo Abe handed Kuroda a second term at the helm of the central bank with a mandate to battle deflation and stoke a nascent recovery.
But the cautious 73-year-old told reporters there was a “deep-rooted” deflationary mindset among companies and households in Japan.
Japan “is steadily heading toward” the 2% inflation target and the economy has “largely improved”, Kuroda said.
