Bank of Japan Governor Haruhiko Kuroda expects consumer inflation to accelerate to around 1% in the first half of next year as the economy recovers to pre-coronavirus levels, voicing hope for a consumption-driven recovery.
But with inflation still short of its 2% target, the BOJ will maintain its "powerful" monetary easing and stand ready to ramp up stimulus, even as other central banks head for an exit from crisis-mode policies, Kuroda said on Monday.
Kuroda said the recovery in the world's third-largest economy has been "somewhat slower than initially expected," as COVID-19 curbs and parts shortages hit consumption and output. While automakers are grappling with supply constraints, bottlenecks blamed on factory shutdowns in Southeast Asia are likely to be resolved in coming months, Kuroda said.
"If the global supply constraint lasts longer than expected, that could hurt Japan's exports and corporate profits by leading to a slowdown in global growth and a rise in cost," Kuroda said.
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