BOJ’s Kuroda: Uncertainty quite high for economic outlook


“The uncertainty is quite high for Japan’s economic outlook,” the Bank of Japan (BOJ) Governor Haruhiko Kuroda said in his opening remarks at the post-monetary policy meeting press conference scheduled on Thursday.

Further comments

Risks are skewed to the downside in both economy and prices.

Ready to ease monetary policy without hesitation as needed.

Strain in global financial markets has eased somewhat.

Will extend BOJ’s special programme on coronavirus responses beyond March 2021 deadline as needed.

The US economy is recovering steadily.

Need to carefully monitor economic development overseas amid varying degrees of coronavirus crisis.

China economy steadily growing.

Room for finance and monetary steps among industrialised nations and china, but limited for some emerging economies.

Lower cellphone charges, travel discount programme could weigh on prices near-term but won't change overall price trend.

BOJ’s ETF purchases has helped reduce instability in financial markets.

Market reaction

USD/JPY is tracking the renewed weakness in the US dollar against its major peers. The major is little affected by Kuroda’s comments, as it trims gains to trade modestly flat at 104.37, as we write.

 

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