Kuroda's speech at G20 meeting

Yesterday at the Group of 20 nations meeting the Bank of Japan Governor Haruhiko Kuroda reiterated that the unprecedented monetary policy easing implemented earlier was meant for domestic purposes only, with the main aim being achievement price stability and meeting the 2% goal within two years. The Governor highlighted that the aggressively expansionary policy was not aimed at weakening the nation's currency.

"In general, I don't see signs of asset price bubbles brewing in emerging economies as a result of the monetary easing steps of advanced nations. It's true that the massive monetary stimulus of advanced economies may affect emerging economies including through capital inflows ... Such spill-over effects had been discussed even before the G20 meeting, and will likely be on the agenda at (this week's) meeting too," said Haruhiko Kuroda.

In the meantime, Japan's all industry activity increased in February after slowing in the previous month due to tertiary activity recovery, according to the Ministry of Economy, Trade and Industry. The all activity index rose 0.6% on a monthly basis following a 1.6% fall in January.