Bank of Japan Governor Kuroda speaking in New York

  • Says BOJ will continue QQE with negative rate for as long as needed to hit price target
  • BOJ will examine risks to economy, prices and won't hesitate taking additional easing steps if needed to hit price goal
  • BOJ will achieve price target 'for sure' by making full use of existing framework
  • 3-tier system of negative rate framework means direct negative impact on financial institutions' profits is minimised
  • What matters for economic activity is not nominal interest rate but real interest rate
  • Both monetary policy and growth strategy are necessary to beat deflation
  • Japan's economy has continued moderate recovery
  • Underlying trend inflation has been steadily improving
  • Compared to time before adoption of QQE, inflation expectations have increased on the whole

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"This time for sure!"

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