The Bank of Japan said the inflation rate had reached its 2% target, and is said to have achieved its goal of exiting deflation after more than 14 years. The policy rate was left unchanged.
The Bank of Japan said on the 30th that the inflation rate had reached its 2% target. Governor Ueda Kazuo (植田和男) explained at a press conference following the Monetary Policy Meeting that the inflation rate was at a level broadly consistent with the target and was not being driven by temporary factors.
The announcement reflected the view that the long-term goal of exiting deflation had been achieved after 14 years. Although the article does not provide specific figures or conditions, it positioned achievement of the target as an important stage in monetary policy.
At the press conference following the Bank of Japan's Monetary Policy Meeting, the bank outlined its approach to future interest-rate management, but the policy rate was kept unchanged. No speculation beyond the article's description of market reactions or the effects of the decision is included.
The statement was based on the view that price trends had moved steadily toward around 2%, conveying both the achievement of the long-term target and the continuation of current monetary policy.