Kuroda doesn’t discuss consumer prices in speech … for the first time

Kuroda’s comments from earlier are here: Bank of Japan (BOJ) Governor Kuroda on the wires now – comments

Bloomberg now with an analysis from Kazuhiko Ogata, economist at Credit Agricole (bolding is mine):

• Kuroda doesn’t discuss consumer prices in speech
• First time he’s omitted reference to inflation in speech to BOJ branch managers at quarterly meeting
• “Kuroda can’t give his views on inflation now as they may need to revise it down at the policy meeting next week”
• ‘‘It’s very tough to forecast the price outlook because of the plunge in oil prices. Just saying inflation could fall because of oil prices in today’s speech would have fanned expectations for additional easing”
• ‘‘As the BOJ currently sees no need for additional action, Kuroda probably thought it would be better to explain his views at a press conference or in the policy statement next week. This is a sign that the BOJ is being cautious on the inflation outlook“

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Here is more on the BOJ and inflation over the past week or so. It does appear change is afoot …

• MNI says majority of BOJ board wants to change wording of inflation to around 2% in two years
• Bank of Japan to stretch inflation truth at next meeting?
• NIkkei – BOJ may cut inflation forecast to lower 1% range for fiscal 2015