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- BOJ's Kuroda offers cautiously upbeat view on global, Japan growth
BOJ's Kuroda offers cautiously upbeat view on global, Japan growth
Reuters reports that Bank of Japan (BOJ) Governor Haruhiko Kuroda offered a cautiously optimistic view of the economy, saying global and Japanese growth are picking up from the damage caused by the coronavirus pandemic thanks to aggressive stimulus measures.
Kuroda said Japan’s economic growth will be “clearly positive” in the country’s new fiscal year, beginning in April, thanks to solid global trade and domestic demand for durable goods.
But Kuroda stressed the BOJ’s resolve to maintain its massive stimulus and take additional easing steps “without hesitation” if risks derail Japan’s recovery.
Critics of Kuroda’s radical policies have called on the BOJ to ditch its 2% inflation target and start focusing more on addressing the damage of low rates to Japan’s banking system.
Kuroda countered such views, saying that monetary policy must focus on achieving price stability.
“Price stability can be pursued with monetary policy, while a sound financial system can be achieved with macro-prudential tools,” Kuroda said, signalling the BOJ won’t dial back stimulus just to mitigate the side-effects on banks.
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