Bank of Japan nominee vows to conquer deflation

Editorial Team
Editorial Team
Bank of Japan nominee vows to conquer deflation

The government’s nominee to lead the Bank of Japan has vowed to do “everything possible” to conquer long-running deflation.

He also said the Bank of Japan had not bought enough assets and should buy longer-term government bonds.

He blamed previous central bankers for failing to solve the deflation problem.

“I will clarify my stance that we will do everything possible to get rid of deflation,” Haruhiko Kuroda told a parliamentary committee on Monday.

He promised aggressive steps to raise inflation to two percent. The news sent Japanese shares higher.

“If I am approved as Bank of Japan governor, I believe it will be my most important duty to ensure the price stability goal [of two percent inflation] is reached as soon as possible,” Mr Kuroda said.

The central bank raised its inflation target to two percent last month.

Image: © Getty

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The Editorial team at APAC Outlook Magazine is a team of professional in-house editors led by Jack Salter, Head of Editorial at Outlook Publishing.