BOJ’s Kuroda: It is Appropriate to Continue with The Current Policy Framework

Speaking at the post-monetary policy meeting press conference, BOJ’s governor Haruhiko Kuroda commented on the current policy framework.

It is appropriate to continue with the current policy framework.
It is inappropriate to debate exit when inflation remains far from 2%.
It is desirable for currency rates to reflect fundamentals, in a stable manner.
No change to stance of sticking to 2% inflation target.
Not hitting the 2% inflation target does not mean BOJ efforts are wrong.
Desirable for FX to move in a way that reflects econ fundamentals.
Don’t think current FX moves deviate from fundamentals.
New interest scheme to ease the impact of lowering rates further.
The rate levels on the scheme can be adjusted.
Priority is to keep the entire yield curve low amid the virus crisis.
ETF purchases are effective in times of severe instability.
BOJ simply clarified its view on the yield band.
Some yield fluctuations are positive for market function.
Does not intend to reduce ETF purchases or exit from stimulus policy.
ETF purchases are not undermining stock market function.
If we deepen negative rates, we will tweak interest based on the new scheme.