In his final press conference, retiring Bank of Japan Governor Haruhiko Kuroda says ‘the timing for achieving the BOJ's inflation target stably and sustainably is nearing.’
, which featured a push to change public perceptions with a wall of money and Peter Pan metaphors.
Kuroda said it was “quite possible” for the BOJ to exit its monetary easing without upending the banking system.Shinzo Abe But Kuroda went a step further, binding policy to his 2% inflation target and setting a two-year timeframe for meeting the goal. The target remained elusive only until recently, when the war in Ukraine boosted global commodity prices andFAREWELL. Bank of Japan Governor Haruhiko Kuroda attends his last news conference as Japan’s central bank chief at the BOJ headquarters in Tokyo, Japan, April 7, 2023. Photo by Toru Kawata/Pool/ReutersSimple communication was another feature of Kuroda’s policy.
When allusions to Peter Pan and spacecraft failed, the BOJ shifted to a defensive, long-term approach in 2016 with the introduction of yield curve control . The hope was that by capping long-term rates around zero and patiently reflating the economy, inflation would eventually perk up. If Japan sees inflation sustainably hitting 2%, incoming BOJ chief Ueda will face a fresh communication challenge of steering a smooth exit from his predecessor’s radical stimulus.
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