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.