Kuroda deflects criticism of 2% target

Haruhiko Kuroda
Haruhiko Kuroda
European Central Bank

Haruhiko Kuroda sought to fend off criticism of the Bank of Japan’s inflation target in remarks today (September 25), as inflation remains stubbornly below target.

The BoJ governor cited three main reasons for setting the target at 2%, including the fact that CPI tends to be a little higher than underlying inflation, the need to create room to cut nominal interest rates in the face of downturns, and the exchange rate stability generated by major central banks all targeting the same rates.

Kuro

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