Bank of Japan (BOJ) governor Kuroda, during his confirmation hearing in the Lower house, said the economy has improved a lot in the past five years, still the central bank has not achieved the 2 percent inflation target.
Key quotes (source: Reuters)
- Deflationary mindset is key reason why price target of 2% is not yet achieved
- It has become clear it will take some time to change public inflation expectations
- Wage, prices are gradually rising and inflation expectations are turning up
- Persistent monetary easing will help to achieve price target
- Will put priority in hitting price target and will guide policy with utmost focus to achieve it
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