NEWS： Tokyo Kuroda, President of the Bank of Japan, said monetary easing tools
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Tokyo Kuroda, President of the Bank of Japan, said Tuesday that the central bank did not limit monetary easing tools to only interest rate cuts, stressing that if more stimulus is needed, there are other options available.
The BoJ kept monetary policy unchanged last week, but adjusted its forward-looking guidance - the central bank's commitment to future monetary policy - saying it would maintain ultra-low interest rates and even cut them if necessary.
Mr Kuroda said the new forward-looking guidance reflected the bank's position that it was more inclined to adopt further easing policies and its "downward bias in policy interest rates".
But he said rate cuts were just one of the four options for central bank easing, with other options including increasing asset purchases and speeding up the pace of money printing.
"The new forward-looking guidance does not limit additional monetary easing measures to interest rate cuts," Mr Kuroda said.
"Our understanding has not changed, and in addition to lowering policy interest rates, there are various possible measures for additional easing," he said in a speech to business leaders in Nagoya.
The Sino US trade war and weak global demand have hit Japan's exports, but strong domestic demand has cushioned some of the impact.
Mr Kuroda said the time for global economic growth to pick up would probably be about half a year later than previously predicted by the Bank of Japan.
But he maintained his optimism about Japan's economy, saying it would maintain a moderate expansion driven by strong capital spending and a tight job market. The good performance of the job market is helping families cope with the negative effects of the October rise in consumption tax.
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