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& Contact Number Japan is just halfway through achieving its price target, with spending falling after a consumption tax hike. It warns that exports are still weak and require attention. It is too early to discuss exiting stimulus policies, but the Bank of Japan has such tools. Bank of Japan Deputy Governor Hiroshi Nakaso said on Wednesday that ending deflation is within sight as rising wages and inflation expectations allow companies to raise product prices, signaling confidence in a sustained economic recovery.
Nakaso Hiroshi also warned today about weak exports and emphasized that it is too early to discuss withdrawing large-scale stimulus policies, hinting at the central bank's determination to continue to inject large amounts of money into the economy to accelerate the inflation rate to % target level.
Hiroshi Nakaso said in a speech to business leaders in the eastern Japanese city of Shizuoka on Wednesday that the end of Japan's deflation is within sight. However, we are only halfway through achieving the price stability target of 10%.
Zhong Zenghong pointed out that if the central bank wants to end the so-called "quantitative and qualitative easing" stimulus policy this time, it cannot use the same strategy as in 2008, because the central bank's balance sheet has become larger, and the balance sheet Bonds held also have longer durations.
"But we already have a variety of tools to withdraw liquidity," Nakazeng Hong said. As for how to use these tools and in what order, he said it will depend on the development of the economy and prices.
The central bank said that given the base impact of last year's jump in energy costs, the inflation rate is expected to slow down in the coming months, but will then move towards the % inflation target again.
Zhong Zenghong also pointed out that the market should not place too much emphasis on monthly price fluctuations, emphasizing that what is more important is that the mechanism to push up prices is in place, such as the output gap narrowing and inflation expectations rising.
It also said that the decline in household spending after the consumption tax increase was expected and does not conflict with the central bank's basic expectation that the economy will mainly rely on strong domestic demand to continue a moderate recovery.
Nakaso Hiroshi added that exports are still disappointing, and the pace of Japan's export recovery is still slow due to weak demand in emerging Asian markets.
Hiroshi Nakaso believes that structural factors may put pressure on exports, such as sluggish global capital expenditures and the continued strength of the yen, which has forced many Japanese companies to shift production overseas.
As global business investment accelerates, exports are expected to recover moderately in the future. The development of external demand conditions requires close attention and cannot be "overly optimistic".