Outgoing Governor of Bank of Japan Speaks to Media for the Last Time as Leader of Institution

Haruhiko Kuroda, who has led the Bank of Japan during an era of ultra-flexible policies, spoke to the media for the last time as governor of the central bank.

On Friday, Kuroda, who is stepping down from his post on Saturday, expressed disappointment that the 2% inflation target has not been sustainably achieved. However, he said that economic trends in Japan now seem to be heading in the right direction.

He said that steady progress has been made toward the sustainable and stable achievement of the price stability target. He added that, in this way, the large-scale monetary easing policy has had various effects and that he believes the institution's policy management was appropriate.

In 2013, Kuroda announced an ambitious monetary stimulus program that he said would raise the inflation rate to 2%. The Bank of Japan accelerated its purchase of Japanese government bonds and injected liquidity into the financial system.

Kazuo Ueda, Kuroda's successor, will assume the post on Sunday. Ueda has said that it is appropriate for the Bank of Japan to continue with the easing policy in light of current economic activity and prices, as well as future prospects. He asserts that the 2% target will take time to achieve.