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- Says BOJ will continue QQE with negative rate for as long as needed to hit price target
- BOJ will examine risks to economy, prices and won't hesitate taking additional easing steps if needed to hit price goal
- BOJ will achieve price target 'for sure' by making full use of existing framework
- 3-tier system of negative rate framework means direct negative impact on financial institutions' profits is minimised
- What matters for economic activity is not nominal interest rate but real interest rate
- Both monetary policy and growth strategy are necessary to beat deflation
- Japan's economy has continued moderate recovery
- Underlying trend inflation has been steadily improving
- Compared to time before adoption of QQE, inflation expectations have increased on the whole
- Doesn't think yen rises, stock price falls were caused by boj's adoption of negative interest rates
- Won't hesitate to ease monetary conditions further if needed, utilising 3 options individually or collectively
- Can clearly say BOJ monetary policy is not targeting exchange rates
Full text can be found here: http://www.boj.or.jp/en/announcements/press/koen_2016/ko160414a.htm
