Bank of Japan Governor Kuroda:
- Strengthened commitment to price target with forward guidance
- To allow bond yields to move in double the range of +0.1% and -0.1%
- Board member Kataoka opposed outlook report saying prices not rising toward 2%
- Will adjust policy as needed to keep momentum toward 2% target
- Expect factors that delayed increase in inflation to dissipate in future
- Momentum toward 2% inflation is firmly in place
- See no need for additional easing for now
- Forward guidance means to keep rates extremely low for extended period of time
- Needed to allow some moves in bond yields in light of market functioning
- Allowing bond yields to move more flexibly, doesn't mean we intend to raise interest rates.
- We have no specific timeline for hitting 2% target
- Don't think policy until now was mistaken