BOJ Gov. Kuroda says they are not targeting exchange rates

japan news

Bank of Japan Governor Haruhiko Kuroda made it clear that the Bank of Japan is willing to do as much quantitative easing as it takes to hit their 2 percent inflation target.

The Bank of Japan under the new leadership of Governor Kuroda announced an enormous burst of monetary stimulus last week, announcing they will “conduct money market operations so that the monetary base will increase at an annual rate of JPY 60 trillion to JPY 70 trillion”.

“Our belief is that we took all necessary steps to achieve the 2 percent inflation target basically in two years. We’ll examine the effect each month but that doesn’t mean we will adjust policy every month,” Kuroda said to a journalist, according to Reuters.

The weak Yen is heading towards 100 and who knows where it will go after that!?

Governor Kuroda also made it clear that their quantitative easing efforts are not targeting exchange rates: “The purpose of the quantitative and qualitative monetary easing is to achieve the 2% price stability target and for domestic reasons. It is not targeted at foreign exchange rates,” (MNI News).

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