Bank of Japan monetary policy board member Yutaka Harada, speaking at a meeting with business leaders
- Japan's economy continues to recover moderately
- BOJ easing is exerting desired effects
- Don't expect Japan's exports to china to fall sharply ahead
- If Japan expots to China fall sharply, can't rule out chance of that leading to falls in output, job growth
- My outlook for prices is slightly weaker than the bank's
- My outlook for the economy is slightly weaker than the bank's
- Recoveries in consumption and investment remain weak
- Must ease policy further without hesitation if overseas risks threaten upward price trend
- Slowdown in China and other emerging market economies, chance of expected Federal Reserve rate hike triggering market shock are among risks to Japan's economic outlook
- Sales tax hike has negative impact on economic activity, and works to push down inflation rate
Headlines on Bloomberg and Reuters, full text is below ...
... Economic Activity and Prices in Japan and Monetary Policy
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Press conference to follow later at 0500GMT
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There isn't really anything much new here from Harada. It is interesting hearing his slightly different view on the outlook for CPI & GDP ... but its no surprise that individual board members will have differing views. Harada is very much a Kuroda ally, his other comments could well have been scripted by the Governor, no?
USD/JPY is down a few tics since his speech releases and is shuffling sideways around 122.80-off as I update.
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ps. this is Harada's first speech as a BOJ board member.
More about him:
- Japan nominates well-known dove to BoJ board
- Japan parliament approves Yutaka Harada for BOJ board seat
