Further comments by Kuroda
- Downward revision to inflation forecasts reflect fall in oil prices
- Downward revision to inflation forecasts are minor
- Upward revision to growth forecasts are due to the government's stimulus package
- There will be a lag before growth helps to boost inflation
Well, it's not to say that the inflation trend has been pointing strongly towards them achieving the 2% target so that is more wishful thinking on Kuroda's part.
As mentioned many times before, it is his job to put on this charade even if he himself doesn't believe he can do it. He's also out now to say that he is not going to promise hitting the 2% target during his term in office as central bank governor.
I think that pretty much tells you how "confident" he is of the BOJ ever digging themselves out of this hole. USD/JPY is keeping weaker at 109.90 as bond yields also stay pressured to start the European morning. US 10-year yields are down by 3.9 bps to 1.783% currently.
