BOJ’s Kuroda: Japan's economy picking up, likely to continue recovering
Bank of Japan (BOJ) Governor Harihuko Kuroda crossed wires during early Monday morning in Europe, via Reuters, saying, “Japan's economy picking up, likely to continue recovering.”
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Hopes to support positive economic cycle by maintaining monetary easing.
Expects Japan's consumption to increase moderately.
BOJ will maintain accommodative monetary conditions to support companies.
BOJ is aiming to achieve positive economic cycle where wages, corporate profits rise, and inflation accelerate moderately.
Uncertainty over the economic outlook, particularly downside risks, heightening.
Must be mindful of risk supply constraints may increase again depending on covid pandemic situation in countries like china.
Impact of global inflation spreading to Japan.
Expects Japan's consumer inflation to slow back to 2% from next year.
Price rises in Japan broadening to include service prices, durable goods mainly due to external factors such as rising raw material costs.
Japan's rising inflation driven by rising raw material prices, weak yen rather than strong demand.
Japan's output gap likely to turn positive in latter half of this fiscal year.
Japan's long-term inflation expectations have begun to heighten.
Japan's inflation likely to accelerate moderately as a trend.
Expect Japan's wage negotiations to reflect recent rise in inflation.
USD/JPY retreats to 143.75
Following the news, the USD/JPY pair reverses from the intraday high near 144.26 to 143.67 at the latest.