Bank of Japan Governor Kuroda speaking to the Japan Society in New York
- Topic of the speech is: "Moving Forward: Japan's Economy under Quantitative and Qualitative Monetary Easing"
- After the prepared text is delivered there will be a Q&A
Comments from the speech hitting the Reuters and Bloomberg headlines:
- Says price target can be achieved
- Oil should have favourable impact on economy in long run
- says inflation target can be achieved despite oil price drop
- Cites rising wages, says Japan's labor market tightening
- Abenomics has corrected excessive yen appreciation
- Firms are more confident about outlook, corporate profits are expected to remain high
- Firms turning to domestic investment after yen change
- Leading indicators pointing to an increase in investment
- need to watch risks in emerging markets
- Inflation expectations need to be raised
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Kuroda's Q&A is still to come.
So far, from the headlines to this speech (I hhaven't seen the text, its not on the BOJ website as yet) there isn't too much to surprise us here.
Kuroda is nearly always positive on his outlook for how his policies are impacting, and today's comments are no different.
if I want to get all forensic on the headlines I'l point out his use of the words "Abenomics has corrected excessive yen appreciation" that implies to me that the yen falls we've seen are over
More headlines:
- Clear positive feedback with wages, inflation in price
- QQE has been producing intended effects
- Indicators strongly suggest tight labor market in Japan
- QQE aims to achieve further easing effects
- BOJ will continue QQE steadily to achieve price goal
- Efforts to raise growth potential should gather speed
- Will examine risks, adjust policy as apporpriate