JN BOJ Gov Kuroda Speaks

I am delighted to be given this opportunity to speak to you at the FIN/SUM 2023. The main theme of this year's FIN/SUM is "Fintech, the era of 'Neoteric Individual.'" While the term "neoteric" is open to interpretation, I will be speaking today within the context of "moving forward" or "evolution." In a world where information proliferates owing to widespread access to the Internet and smartphones, the diverse decisions and actions of consumers -- neoteric individuals -- are based on the vast array of readily available information. ...

It is a great honor to have this opportunity to address such a distinguished gathering of business leaders in Japan today. The year is almost coming to a close. Looking back on 2022, domestic and overseas economies have been hit by various shocks, while the impact of the novel coronavirus (COVID-19) has persisted. Russia's invasion of Ukraine has triggered a rapid rise in prices of commodities, including energy and grains. In addition to this, factors such as supply-side constraints, including difficulties in procuring parts that ...

It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance to express my sincerest gratitude for your cooperation with the activities of the Bank of Japan's branches in Osaka, Kobe, and Kyoto. The last two meetings with business leaders in the Kansai region were held online due to the novel coronavirus (COVID-19) pandemic. I am delighted to meet and exchange views with you in person for the first time in three years. At the outset, I will talk about developments in Japan's economic activity and prices and explain the Bank's thinking on the conduct of monetary policy. I. Economic Developments Let me start by talking about Japan's economic developments. The repeated waves of COVID-19 at home and abroad have affected Japan's economy through various channels. In the first half of the year, COVID-19 cases surged in China -- which strictly adheres to the so-called zero-COVID policy -- and major cities such as Shanghai went into lockdowns. In the manufacturing industry -- such as automobiles and machine tools, where Japan has a competitive advantage -- firms faced parts procurement difficulties and had to reduce production. Thereafter, the supply-side constraints caused by the lockdown in Shanghai have been dissipating due to the lifting of such restrictions. While parts shortages have remained for some goods, Japan's exports and production overall have continued to increase as a trend, BOJ's Kuroda: Will maintain accommodative monetary conditions • Hopes to support positive economic cycle by maintaining monetary easing. • Expects Japan's consumption to increase moderately. • Economy is picking up, likely to continue recovering. One day, you get intervention. The next, you get this. It's baffling really. The BOJ will continue to have their work cut out for them if this is going to be the narrative moving forward. USD/JPY is already up another 0.6% to 144.20 on the day, as traders are slowly working their way back towards the 145.00 mark. BOJ GOV KURODA: MUST BE MINDFUL OF RISK SUPPLY CONSTRAINTS MAY INCREASE AGAIN DEPENDING ON COVID PANDEMIC SITUATION IN COUNTRIES LIKE CHINA #News #Forex #PANDEMIC #KURODA #CHINA BOJ KURODA: JAPAN'S LONG-TERM INFLATION EXPECTATIONS HAVE BEGUN TO HEIGHTEN #News #Forex #JAPAN #KURODA #INFLATION BOJ'S GOVERNOR KURODA: JAPAN'S OUTPUT GAP LIKELY TO TURN POSITIVE IN THE LATTER HALF OF THIS FISCAL YEAR.

BOJ'S GOVERNOR KURODA: WHILE THERE ARE SOME INDICATORS OF WEAKNESS IN THE JAPANESE ECONOMY, THE TREND IS UPWARD. BOJ'S GOVERNOR KURODA: I AFFIRM THAT THE WHOLE JAPANESE FINANCIAL SYSTEM IS STABLE. BOJ'S GOVERNOR KURODA: CORE CONSUMER INFLATION IN JAPAN IS NOW HOVERING AROUND 2%. BOJ Gov Kuroda says BOJ will maintain ultra-loose monetary policy Bank of Japan Governor Kuroda: • Japan's economy showing some signs of weakness but picking up as a trend • Japan's economy likely to recover as impact of COVID-19 , supply constraints eases • Japan's core consumer inflation moving around 2% • Uncertainty regarding japan's economy is very high • Japan's financial system stable as a whole • Must be vigilant to impact of financial, currency market moves and their impact on Japan's economy, prices • BOJ will maintain ultra-loose policy to stably achieve 2% inflation target • BOJ stands ready to ease policy further without hesitation as needed • Japan's consumer inflation likely to accelerate pace of increase • Japan's financial conditions are easing as a whole • Expects short and long term policy rate targets to remain at current or lower levels

Bank of Japan Governor Haruhiko Kuroda said on Wednesday that the global surge in inflation is among the current challenges being faced by central banks, reported Reuters. In Japan, he continued, pent-up household demand has been limited and the recovery of aggregate demand has been slower than in Europe and the US. Meanwhile, wages in Japan have risen, but the rate of increase has remained moderate. The appropriate monetary policy response to inflation will differ between countries, he continued, though a common challenge for each country is to determine the magnitude and persistence of inflationary pressures. Uncertainties over geopolitical risks are extremely high, Kuroda noted, and could put downwards pressure on the global economy by shrinking trade and damaging confidence. *KURODA: UNCERTAINTIES OVER GEOPOLITICAL RISK ARE EXTREMELY HIGH *KURODA: JAPAN'S RECOVERY IN DEMAND HAS BEEN SLOWER THAN US, EU

BOJ GOV KURODA: JAPAN'S CONSUMER INFLATION HOVERING AROUND 0.5%, LIKELY TO CLEARLY ACCELERATE FOR THE TIME BEING. BOJ'S GOVERNOR KURODA: AS A TREND, JAPAN'S ECONOMY IS IMPROVING. BOJ'S GOVERNOR KURODA: WILL MAINTAIN AGGRESSIVE EASING FOR THE FORESEEABLE FUTURE.