BOJ governor Haruhiko Kuroda's confirmation hearing in the lower house begins
- Japan's economy has improved a lot in the past five years
- Wage, prices are gradually rising and inflation expectations are turning up
- Japan's economy making steady progress towards eradicating deflation
- Persistent monetary easing will help to achieve price target
- Deflationary mindset is key reason why price target of 2% is not yet achieved
- Will put priority in hitting price target and will guide policy with utmost focus to achieve it
- It has become clear it will take some time to change public inflation expectations
- Markets have been volatile since the start of the year, close coordination with overseas policymakers is important
- Abenomics is necessary and is the appropriate mix of economic policies to defeat deflation
Pretty much the same old stuff so far from Kuroda. It's his confirmation hearing, so he is likely to just mainly reiterate current policy stance and make a few comments on the economy.
