Bank of Japan Governor Haruhiko Kuroda said on Saturday, speaking at the 17th world congress of the International Economic Association held in Jordan, that the BOJ’s QQE (quantitative and qualitative easing) policy is working:
- “One year has passed …the policy has been having the intended effects leading to an improvement in financial markets, the real economy, prices”
Kuroda hinted it could take longer than 2 years to reach the 2% inflation goal:
- “When the BOJ introduced QQE we declared we would intend to achieve a 2 percent inflation target basically within two years time. The policy of QQE will be maintained and will be continued until we achieve the 2 percent inflation target and also maintain a 2 percent inflation in a sustainable manner so it may take more than two years if necessary and anyway we are only half way”
(QQE is “quantitative and qualitative easing”, the BOJ policy introduced in April 2013 to double base money via aggressive asset purchases, with the aim of accelerating consumer inflation to 2% in two years)
If you want to read more, its at at Reuters
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