TOKYO : Haruhiko Kuroda delivers his last press conference as Japan's central bank chief on Friday, ending a decade of unconventional policy that included 'bazooka' stimulus and a push to change public perceptions with a wall of money and Peter Pan metaphors.Hand-picked by then premier Shinzo Abe to break
TOKYO : Haruhiko Kuroda delivers his last press conference as Japan's central bank chief on Friday, ending a decade of unconventional policy that included"bazooka" stimulus and a push to change public perceptions with a wall of money and Peter Pan metaphors.
But Kuroda went a step further by binding policy to his 2 per cent inflation target and setting a two-year timeframe for meeting the goal. The target remained elusive only until recently, when the war in Ukraine boosted global commodity prices and pushed inflation well above 2 per cent. In another speech that year, Kuroda described how, like a spacecraft attempting to move away from Earth's gravitation,"tremendous velocity" was needed to end Japan's deflationary equilibrium.
"The BOJ's thinking on interest rate changed dramatically in 2016. It abandoned the idea that the lower the borrowing costs, the better," said former BOJ board member Takahide Kiuchi.
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