Haruhiko Kuroda: "Quantitative and Qualitative Monetary Easing with Yield Curve Control" - after half a year since its introduction

Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at a Reuters Newsmaker event, Tokyo, 24 March 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

I would like to express my sincerest gratitude for the opportunity today to explain the Bank's monetary policy. 

Half a year has passed since the Bank introduced "Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control" in September 2016. This new framework has been working smoothly. Today, looking back at developments in the global economy and the global financial markets since 2015, I would like to explain the background to and thinking behind the adoption of the new policy framework, following the introduction of a negative interest rate. Then, I would like to talk about the current situation of and outlook for Japan's economy, as well as the Bank's stance on monetary policy going forward.