Bank of Japan Governor Kazuo Ueda said on Friday the central bank did not have a set time frame for achieving its 2% inflation target but that it would strive to hit it at the earliest date possible.
Speaking in parliament, Ueda said the country's trend inflation was likely to heighten ahead, but that achieving the BOJ's target would take time.
"The time it takes for the impact of monetary policy to appear on the economy could move around a lot depending on circumstances. We therefore do not have anytime time frame in mind" in achieving the inflation target, he said. Ueda also said it was premature for the BOJ to discuss details of an exit strategy from its ultra-easy policy, including whether and when the central bank could begin selling its holdings of real-estate trust funds .
With inflation exceeding its 2% target for a year, market speculation is rife that Ueda will gradually phase out his predecessor's stimulus that has drawn public criticism for distorting markets and crushing bank margins.
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