Tokyo: The Bank of Japan on Friday dropped its timeframe for achieving a longstanding inflation goal, but its governor insisted his commitment to the elusive two per cent figure was “unchanged.”
The central bank has already pushed back its deadlines six times since governor Haruhiko Kuroda took office in 2013, and on Friday it simply removed reference to its most recent goal of reaching that inflation level around the fiscal year to March 2020.
At a press conference, Haruhiko Kuroda (pictured) said the removal was not an indication that the goal no longer stood, adding that he believed the deadline was still achievable.
“The Bank of Japan’s median outlook that the rising rate will improve to about two per cent around fiscal year 2019 has remained unchanged,” he said. The timeframe was removed “in order to clarify it as an outlook, not a target period”, he added.
“We are not carrying out monetary policies based on a particular target period,” Kuroda told reporters. — AFP
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