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BoJ's Kuroda: Ready to implement further easing if necessary

FXStreet (Łódź) - Following BoJ's announcement that it would keep monetary policy steady and increase the monetary base at an annual pace of 60-70 trillion yen, BoJ governor Haruhiko Kuroda said at the press conference that the gradual recovery of the Japanese economy continued.

Weakness stemming from the introduction of the sales tax in April as well as some bad weather effects could nevertheless be seen, especially in production. But it should recover along with the gradual strengthening of the economy. Kuroda predicted that Japan would see positive growth in Q3, following the contraction in Q2.

Furthermore, he assured that the central bank would continue with the QQE program until the 2% inflation target was reached, which would most probably happen in the middle of the projection period, as CPI growth is expected to pick up in the second half of 2014. To achieve the objective the central bank will make all the necessary adjustments to the monetary policy, Kuroda said, stressing however that they wouldn't target FX rates. "We are aiming at 2% inflation with 2 years in mind," he remarked.

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