TOKYO : Bank of Japan (BOJ) Governor Haruhiko Kuroda, who retires in April, said his decade-long monetary experiment that sought to shock the public out of a deflationary mindset with massive asset purchases was 'half successful.'Hand-picked by deceased former Prime Minister Shinzo Abe in 2013, Kuroda jol
TOKYO : Bank of Japan Governor Haruhiko Kuroda, who retires in April, said his decade-long monetary experiment that sought to shock the public out of a deflationary mindset with massive asset purchases was"half successful."
"It was meaningful and has had some effect," Kuroda told parliament on Wednesday, when asked by a lawmaker whether he thought the measure successfully influenced public perceptions. Kuroda, whose second, five-year term ends in April, leaves the BOJ with a mixed legacy: his massive stimulus is praised for pulling the economy out of deflation, but it strained bank profits and distorted market functions with prolonged low rates.
"Many of them appeared to think it was appropriate. But some thought it was premature, and wanted to spend more time looking at the situation," Kuroda said, defending the move as having won approval by most of his fellow board members.
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