Bank of Japan Governor Haruhiko Kuroda said on Friday the central bank was ready...
WASHINGTON - Bank of Japan Governor Haruhiko Kuroda said on Friday the central bank was ready to expand monetary stimulus if needed, brushing aside the view the BOJ had little ammunition left to fight the next economic downturn.
“But that doesn’t mean central banks have no ammunition left to ease further in response to financial developments,” Kuroda told a news conference after the Group of 20 finance leaders’ meeting.The remarks underscore the challenge major central banks face as they struggle to battle growing overseas headwinds to their economies with a dwindling policy tool kit.
“Our forward guidance was introduced to clarify our stance of patiently maintaining powerful monetary easing,” Kuroda said. Under a policy dubbed yield curve control , the BOJ guides short-term interest rates at minus 0.1 percent and the long-term yield around zero percent. He also said there was no need to modify a loose pledge the BOJ makes to buy government bonds so that the balance of its holdings increase at an annual pace of roughly 80 trillion yen .
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