Bank of Japan Deputy Governor Wakatabe
- BOJ will continue to conduct monetary policy to achieve 2% inflation accompanied by wage growth
- global economy to slow temporarily but likely to pick up as inflationary pressure eases
- Japan's economy likely to continue recovering
- corporate inflation expectations shifting up somewhat
- what is most important is for changes in price, wages to be sustained, lead to achievement of 2% inflation target in stable, sustainable fashion
- there is absolutely no change to BOJ 's commitment to continue monetary easing
- our monetary easing was clearly effective in propping up economy
- efforts to boost long-term economic growth don't conflict with steps to stabilise economy including monetary easing
- making central bank's price target ambiguous would hurt transparency of monetary policy, effect of policy steps
- inflation target is important
USD/JPY is up a few ticks on the dep gov reiterating the bank's commitment to maintain very loose monetary policy.
