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BOJ pushes back 2% inflation target date www3.nhk.or.jp
Japan's central bank has decided to maintain its monetary easing measures, including the negative interest rate policy.
But policymakers at a 2-day meeting that ended on Tuesday revised the timeframe for hitting the bank's inflation target. They pushed it back by about one year.
The Bank of Japan released its quarterly outlook report on the economy. Updated projections for meeting the 2 percent inflation goal say it will be sometime around the fiscal year beginning April 2018.
The previous forecast was for during fiscal 2017.
It is understood the bank thought it difficult to reach the target during Governor Haruhiko Kuroda's current term, which ends in April 2018.
Policymakers also trimmed their inflation forecast for fiscal 2016 to a negative. They think it will be minus 0.1 percent, 0.2 percentage point lower than their previous estimate.
For fiscal 2017, they're seeing 1.5 percent inflation, 0.2 point lower than before. The changes are due to lower crude oil prices, sluggish personal consumption, and a higher yen.
The BOJ first set the 2 percent inflation target in April 2013, when they committed to achieving it in about 2 years. Policymakers have cut their outlook for hitting the goal 5 times since then.
BOJ Governor Haruhiko Kuroda spoke to reporters after the meeting.
He said that there is no special relation between his term as BOJ Governor and the inflation forecast.
He also said that the BOJ will make an appropriate decision and implement it to realize a 2 percent inflation target as soon as possible.
Kuroda said the momentum toward achieving the price stability target is somewhat weaker than before and that he wants to keep a careful eye on developments in prices.
Published Date:2016-11-01
