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.