- Haruhiko Kuroda, BoJ Governor
Bank of Japan Governor Haruhiko Kuroda said that Japan is still half-way to hit the inflation target, underscoring it is too early to discuss exiting the central bank's QQE programme. Kuroda reiterated that timing of reaching the targeted 2% inflation level depends on further developments in the energy market, particularly on oil prices. Yet, the Governor stressed he has no intention of changing the bank's pledge of achieving 2% inflation at the earliest date possible within a time frame of roughly two years. The BoJ saw no need for further easing now, but the central bank would not hesitate to adjust monetary policy if needed. Still, Kuroda highlighted that withdrawing of the BoJ's stimulus measures depends on economic conditions, and when time comes for ending easing, the bank will conduct it in an appropriate manner.
Recently the BoJ cut its outlook for core consumer price index to 0.8% for fiscal year 2015 from its 1.0% estimate in January. It also lowered its forecast for this fiscal year's gross domestic product growth to 2.0% from the 2.1% it expected in January. For the 2016 fiscal year, it downgraded its economic growth forecast to 1.5% from the 1.6% forecast in January, while lowering its core CPI forecast for that year to 2.0% from January's 2.2% projection.
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