Bank of Japan dep gov speaking
- Won't hesitate to take additional easing steps if needed to sustain momentum toward hitting 2 pct inflation
- No change to BOJ's approach of promoting powerful monetary easing via asset purchases, interest rates
- Want to stress anew that monetary base will continue to expand under boj's new policy framework
- Yield curve control can be achieved only by massive JGB buying by BOJ
- Some argue that BOJ has shifted policy focus from quantity to interest rates but such understanding is inappropriate
- Japan's economy likely to continue expanding moderately
- Exports likely to increase moderately from fiscal 2017
- New US administration's policy direction warrants close attention as its economic measures exert great influence on global economy, markets
- Expect Japan household spending to gradually increase as job market improves steadily
- Japan consumer inflation to remain flat or slightly negative for time being, then gradually accelerate toward 2%
- Very important for wages to rise for Japan to see inflation accelerate as a trend
There is no doubt BOJ's QQE policy was effective in pulling Japan out of deflation
