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BoJ's Kuroda acknowledges weakness in exports and output

FXStreet (Łódź) - During the press conference following BoJ's August monetary policy announcement governor Haruhiko Kuroda said that Japan's economy remains in moderate recovery, adding however that exports and output have been lagging recently.

Kuroda admitted that consumer spending has deteriorated somewhat following the sales tax rise in April, but that it should rebound soon on along with the improvements on the labor market and wage growth.

He also suggested that inflation growth should accelerate in the second half of the year and "reach the 2% target around the middle of the projection period."

"Price stability is main goal for BoJ monetary policy," the governor said.

As far as the recent weakening of Japanese exports is concerned, Kuroda attributed it to the slowdown in emerging markets and a temporary deceleration of the US economy due to the harsh winter.

Kuroda also stressed that geopolitical tensions such as the developments seen in Ukraine or Iraq have exacerbated recently and assured that the central bank would observe them closely. However, he currently didn't see significant changes to the outlook due to these risks.

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