Bank of Japan Governor Kuroda is speaking at a meeting with business leaders in Nagoya
- Still some distance to achieving 2 pct inflation target
- Expect Japan's economy to steadily move toward achieving 2 pct inflation
- BOJ will proceed with powerful monetary easing under yield curve control
- Japan's economy enjoying growth driven by well-balanced support from external, domestic demand
Kuroda not departing from what he normally says - more easing!
Meanwhile, USD/JPY pops 114.50 ( a much-watched level), and to its highest since March this year
More:
- Expect prices of processed goods, daily necessities to accelerate as private consumption increases gradually
- Expect inflation, wages to accelerate ahead and help heighten inflation expectations
- Japan households becoming more accepting of price hikes, more retailers raising prices
Kuroda sounds in full-blown Peter Pan mode ... ya just gotta believe!
More:
- Bank of Japan is mindful that prolonged monetary easing risks hurting bank profits, financial intermediation
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Full text: Japan's Economy and Monetary Policy
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Earlier we had US President Trump being his usual self and (to me at least) expressing his dissatisfaction with Japanese policy:
- US President Trump says US trade with Japan is not free nor reciprocal
- US President Trump says Japan has been winning on trade in recent decades
I dunno if Kuroda is jawboning the yen down in response to Mr. T ... but I would not put it past the wily old fox.
