BOJ’s Kuroda: Economy on Track to Achieving 2% Inflation Target

Kuroda said in a speech in Nagoya today that core consumer-price gains are likely to reach 2 percent in or around the fiscal year starting next April, and efforts to end Japan’s deflationary mindset are progressing.

The BOJ last month lifted the annual target for enlarging the monetary base to 80 trillion yen ($677 billion), from 60 trillion yen to 70 trillion yen. The policy board voted to retain the plan at the end of a two-day meeting on Nov. 19.

Minutes of the Oct. 31 meeting showed one board member said a further decline in the yen would spark concern of “adverse effects” on smaller firms, while some members said additional government bond buying “would further heighten the risk that such a move would be perceived as effectively financing fiscal deficits.”


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