Bank of Japan (BOJ) Governor Kuroda comments:

  • Japan’s economy continues to recover moderately as a trend
  • Effect of sales tax hike on economy likely to gradually ease
  • Japan banking system maintaining stability
  • QQE exerting intended effects
  • BOJ will maintain QQE for as long as needed to achieve 2% inflation in stable manner
  • BOJ will adjust policy as needed, looking at upside, downside risks to economy, prices
  • Some weakness seen in output
  • Core inflation likely around 1.25% for some time

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Anyone else getting that deja vu feeling?

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Anyway … in other news … Japan’s Minister of Economy, Trade and Industry, Yuko Obuchi has resigned (I had the news on Saturday, all confirmed now).