Bank of Japan (BOJ) Governor Kuroda: Japan’s economy continues to recover moderately as a trend

Bank of Japan (BOJ) Governor Kuroda:

• Japan’s economy continues to recover moderately as a trend
• Japan’s economy likely to continue recovering moderately as a trend
• Japan CPI is likely to move around 1 – 1.5% for some time
• Japan’s financial system maintaining stability as a whole
• BOJ’s QQE has been exerting intended effects
• BOJ will continue with QQEfor as long as needed to achieve its 2% inflation target in stable manner
• BOJ will examine upside, downside risks to economy, prices, and adjust policy as necessary

From the text of Bank of Japan (BOJ) Governor Kuroda speech at the quarterly meeting of BOJ branch managers.

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Yen basically non-responsive. USD/JPY on session highs (don’t get too excited, its basically a 10 point range so far). Maybe something will come from these comments.