Comments from Kuroda, who is in Azerbaijan:

  • Timing slightly delayed to reach inflation target
  • Underlying inflation trend quite clear
  • Reaching CPI target earlier depends on many factors
  • Oil prices one factor reaching CPI target earlier
  • Repeatedly says no easing is needed now

It's the first time he's talked about missing the inflation target but is a slight delay enough to do more QE? Almost certainly not, so we don't learn that much from his comments. But it still indicates there is a dovish bias at the BOJ.

Talk of more easing usually centres on October.

"The trend of prices is steadily improving and expected to keep doing so. Considering that, I don't think we need additional stimulus at this stage," he said.