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New BoJ head hopes to reach 2% inflation target in two years

FXstreet.com (Barcelona) - Haruhiko Kuroda held his first press conference as BoJ Governor in Tokyo today, during which he elaborated on the central bank’s prospective monetary policy framework.

The new BoJ chief assured that he would do his utmost to fight deflation and bring Japan’s CPI to the 2% target in two years time. “Bold easing is needed in both quality and quantity,” he insisted. He also said that the BoJ’s governing board would consider early open ended asset purchases.

Haruhiko Kuroda also suggested that the yen was still in a corrective phase from an excessive post-crisis appreciation and assured that the BoJ’s monetary policy would not target FX rates, leaving them to the markets as agreed at the G20 meeting in February.

The BoJ governor declined to comment on whether an emergency meeting of the governing board would be held. The USD/JPY hit 65.67 following Kuroda’s speech.

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European markets down on falling and disappointing EMU PMI

The German DAX (-0.86%), the French CAC 40 (-1.14%), the Italian FTSE MIB (-0.02%) and the Spanish IBEX 35 (-0.86%) are down on disappointing preliminary February Markit PMI data in Europe, including a German manufacturing drop below the 50.0 threshold.
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