BOJ further delays timing of clearing 2% inflation goal

TOKYO, JAPAN - OCT. 30: The Bank of Japan on Friday again pushed back the timing for achieving its 2 percent inflation target, while maintaining its current monetary policy in the belief that the trend of rising prices remains on course despite a slowdown in China and other emerging economies. The central bank now expects to meet the 2 percent goal in the second half of fiscal 2016, having previously targeted the first half of the year starting in April, as declining energy prices continue to push down the nation's core consumer price index to below zero percent. This is the second time since April that the BOJ has pushed back its estimate for achieving the inflation target that it set in April 2013 when launching a massive asset purchase program, saying it aimed to meet the goal in about two years. In forgoing additional monetary easing, BOJ Governor Haruhiko Kuroda said it was not necessary to act now because the drop in the core price index was caused mainly by cheaper oil and overall prices are continuing to trend upward. 'Though the period of achieving the 2 percent inflation was moved back, it is mainly because of a downswing in energy prices and the (upward) trend of prices (overall) is steadily improving,' Kuroda told a press conference after the bank's one-day policy meeting. 'We will make adjustments without hesitation if necessary to achieve the 2 percent inflation target as early as possible,' Kuroda said, adding that there is 'no limit' in taking additional steps. Kuroda expressed the view that inflation is also expected to be supported by wage increases financed by rising corporate profits and the improving labor market, although the pace of the rise in wages has been slower than expected.

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Clip #: 495586338HD
Collection: Kyodo News
Date created: 30 October, 2015
Licence type: Rights-ready
Release info: Not released. More information
Clip length: 00:02:54:22
Location: Chuo, Tokyo, Japan
Mastered to: QuickTime 8-bit Photo-JPEG HD 1920x1080 29.97p More information
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Source: Kyodo News
Object name: 15-10-30-1-5.mov

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