27.09.202111:10:00UTC+00BoJ To Persistently Continue Powerful Easing To Achieve Price Stability, Says Kuroda

The Bank of Japan will persistently continue with powerful monetary easing in order to achieve price stability target sustainably, Governor Kuroda Haruhiko said Monday.

In longer-term, even though the inflation rate will gradually rise toward fiscal 2023, the end of the current projection period, it will not reach the price stability target of 2 percent, he told business leaders in Osaka. Further, he said the mechanism for the economy to pick up has continued to work despite the successive waves of Covid-19.

In a report released earlier in the day, the BoJ said services producer price inflation eased marginally to 1 percent in August from 1.1 percent in July.

On a monthly basis, services prices dropped 0.1 percent, in contrast to the 0.3 percent increase in the prior month.