Bank of Japan head Haruhiko Kuroda defended its decision to press ahead with the country’s ultra-loose monetary policy Friday, even as the U. S. Federal Reserve and European Central Bank tighten their policies. After a two-day meeting, the BOJ said it would retain its current framework, pointing
Bank of Japan head Haruhiko Kuroda defended its decision to press ahead with the country’s ultra-loose monetary policy Friday, even as the U. S. Federal Reserve and European Central Bank tighten their policies.
After a two-day meeting, the BOJ said it would retain its current framework, pointing to a disappointing lack of progress towards its longstanding 2.0 percent inflation target.
Speaking after the meeting, Kuroda said a persistent «deflation mind» was plaguing Japanese boardrooms and families, keeping the goal he had hoped to reach by 2015 a distant goal.
«I believe the momentum remains intact for us to achieve the two-percent price (inflation) target,» he said.
«I believe the current framework is sustainable,» he added of the bank’s decision to maintain its monetary easing measures.
Kuroda took the post in 2013 pledging that he would help put the economy on a sustainable growth path and eradicate Japan’s long-running problem of almost non-existent inflation.
