Bank of Japan Governor Haruhiko Kuroda will hold a meeting with premier Shinzo Abe on Monday after the central bank chief's official reappointment for another five-year term, the BOJ said.
Japan’s Prime Minister Shinzo Abe, flanked by Finance Minister Taro Aso, attends at an upper house parliamentary session in Tokyo. (AFP pic)
TOKYO: Bank of Japan Governor Haruhiko Kuroda will hold a meeting with premier Shinzo Abe on Monday after the central bank chief’s official reappointment for another five-year term, the BOJ said.
Kuroda will hold an inaugural news conference at 7 p.m. (1000 GMT), where he is likely to explain how the central bank will address fresh challenges in the coming years such as how to smoothly whittle down its massive stimulus programme.
The meeting between Kuroda and Abe, set to last for 10 minutes from 5:50 p.m. (0850 GMT), will likely be a courtesy call after Kuroda’s official reappointment.
In the first five years as BOJ governor since 2013, Kuroda’s main task was to deploy a massive stimulus programme to break Japan out of two decades of grinding deflation.
While Kuroda’s stimulus helped reflate growth, it has failed to accelerate inflation to the BOJ’s elusive 2 percent target.
Given the rising cost of prolonged easing such as the hit to bank profits from ultra-low rates, the central bank is facing growing calls from lawmakers and analysts to explain clearly how it plans to dial back its ultra-loose monetary policy.
Kuroda has repeatedly said the BOJ was in no rush to follow in the footsteps of other central banks in exiting crisis-mode stimulus. But he has also offered more clues on key points the BOJ would look out for when it rolls back easy policy.
Markets are also on the lookout on what Kuroda might say on the escalating U.S.-China trade spat and the fallout on Japan’s export-reliant economy.
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Sumber BOJ says Gov Kuroda to meet PM Abe