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Kuroda: BOJ Policy to Stay Very Accommodative ‘for Some Time’

(Bloomberg) — Bank of Japan Governor Haruhiko Kuroda says
Japan’s second-quarter annualized growth of 4% is “excellent but
we don’t think 4% growth can be sustained.”
* “Around 2% growth is likely. Under this amount of growth,
inflation rate will gradually climb up toward 2 percent. But 2
percent inflation target, price stability target, must be
maintained and must be achieved but it may take time so that we
have to be patient”
* Kuroda speaks in Bloomberg Television interview with Kathleen
Hays on Friday in Jackson Hole, Wyoming
* “In the last 3 1/2 years we have been able to achieve positive
inflation but it’s small and far away” from the 2% target
* “So I think for some time we have to continue this extremely
accommodative monetary policy. So yes, we are carefully watching
how the Federal Reserve and the ECB are doing, but our monetary
policy is for the Japanese economy, and since our inflation rate
is still far below the target, whatever ECB or whatever Federal
Reserve do in coming months, we have to address this situation”
* Yield-curve control program has been working quite well,
Kuroda says in interview, which will be broadcast 6 p.m. New
York time on Sunday (7 a.m. Monday in Tokyo)
* Doesn’t see need to adjust yield-curve program at present
* BOJ isn’t running out of JGBs to purchase, market still
functioning quite well, he says
* NOTE: Kuroda is attending Fed symposium at mountain retreat
for an annual gathering of central bankers, including Federal
Reserve Chair Janet Yellen and European Central Bank President
Mario Draghi
* NOTE: Japan’s economy grew for a sixth straight quarter,
extending the longest expansion in more than a decade, as a
strong pick-up in demand at home compensated for softer exports.

To contact the reporters on this story:
Brett Miller in Tokyo at bmiller30@bloomberg.net;
Kathleen Hays in New York at khays4@bloomberg.net
To contact the editors responsible for this story:
Malcolm Scott at mscott23@bloomberg.net

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