Bank of Japan Governor Kuroda speaking at a ''Kisaragi-kai'' forum sponsored by Kyodo News

Speech titled: "Comprehensive Assessment" of the Monetary Easing: Concept and Approaches

  • There are limits to what BOJ can do in the sense it cannot underwrite debt due to legal constraints
  • Don't share view that monetary policy is reaching its limits
  • Even within current framework there is ample room for further easing
  • First issue to analyze is what factors have hampered achievement of price target
  • What we should bear in mind when conducting monetary policy is not its limit but comparison between its benefits and costs
  • Negative rates have had impact on mkt liquidity, banks' profits, so need to assess this policy
  • Given we have been implementing large-scale monetary easing, any additional easing entails costs
  • We should not hesitate to go ahead with monetary easing as long as it's necessary for Japan's economy as a whole
  • A reduction in level of monetary policy accommodation will not be considered in comprehensive review
  • Balance between benefits and costs of monetary easing can change depending on situation
  • Monetary policy should be conducted in a flexible manner
  • Comprehensive review is conducted with aim of achieving 2 pct price target at earliest possible time
  • There maybe a situation where drastic measures are warranted even though they could entail costs
  • BOJ should always prepare policy options to address situations where drastic measures are warranted
  • Corporate profits are expected to decrease slightly this fiscal year but remain high
  • BOJ's September comprehensive review won't lead to discussions that could lead to tapering of monetary easing
  • Employment and incomes have improved significantly
  • Japan is no longer in deflation
  • Negative rate policy so far seems to have succeeded in lowering funding costs of firms, households
  • It is unquestionable that BOJ's QQE with negative rates have contributed significantly to turnaround in economy
  • Japan not in situation where financial intermediary functions are impaired from negative rate policy
  • Potential impact on financial intermediation, banks' profits needs to be taken into account in assessing effectiveness of negative rates
  • Impact of negative rates on financial intermediation can vary depending on duration of this policy
  • Substantial oil price declines, weakness in private consumption and slowdown in emerging economies had negative impact on achieving price target
  • For the time being observed inflation is unlikely to accelrate

via Reuters, but any bolding is mine

Given these comments it still seems like pedal to the metal for the BOJ, but there is a notable absence of the '2 year timeframe' target, so to that extent it indicates a slowing of additional BOJ easing measures

Full text is here

Yen has rallied: