I posted an article from the Nikkei a little earlier (Japan overnight press: BOJ’s Kuroda remains bullish on Japanese economy) on Bank of Japan (BOJ) Governor Kuroda’s appearance before the upper house’s Committee on Financial Affairs in the Japanese parliament.
The Wall Street Journal overnight weighed in also. In brief:
- Kuroda is increasingly finding himself facing political pressure … was grilled for hours in parliament
- In Tuesday’s three-hour session where Mr. Kuroda and the BOJ leadership gave testimony in its regular report to parliament, lawmakers took aim at the side effects of the central bank’s unprecedented easing program
- … The BOJ is currently indirectly buying the equivalent of about 70% of new bond issuance. They said this was akin to the BOJ financing the government’s borrowings and pressed Mr. Kuroda to explain how the bank would exit from the large-scale bond buying without disrupting markets.
- The lawmakers also said the weaker yen… was now hurting the economy through higher import prices
There is more at the article (gated): BOJ Chief Takes Political Heat as Skepticism Grows
