Bank of Japan Governor Haruhiko Kuroda claimed some success for the central bank's aggressive monetary stimulus on Thursday, saying that the economy is on track to a steady recovery with signs inflation expectations are picking up.
Speaking at a quarterly meeting of the BOJ's regional branch managers, Kuroda reiterated the central bank's commitment to maintain its ultra-easy monetary policy until its 2 percent inflation target is achieved in a stable manner.
Japan's economy is steadily heading towards a recovery since we adopted our qualitative and quantitative monetary easing in April," Kuroda said.
"We're seeing the effect of our policies, such as indicators suggesting an increase in inflation expectations."
In a quarterly report issued after the branch managers' meeting, the BOJ revised up its assessment for eight of Japan's nine regions, a sign the positive effects of Prime Minister Shinzo Abe's reflationary policies are broadening. It was the first time in nearly four years the central bank revised up its assessment for eight or more regions for two straight quarters.
Source: Reuters
