BOJ chief says Japan economy on the mend

Published: 28th March 2013 09:36 AM  |   Last Updated: 28th March 2013 09:36 AM   |  A+A-


Japan's new central bank governor says the economy has stopped weakening and should show signs of recovery by midyear.

Haruhiko Kuroda, who spoke to lawmakers Thursday on the Bank of Japan's semiannual report, said there was still "a high degree of uncertainty" about the economy given the crisis in Europe, the tenuous state of the U.S. recovery and relations with China.

Kuroda said prices are unlikely to rise for the next few months but that afterward Japan would see some progress toward its inflation target as the economy moved toward a "moderate recovery path."

The central bank and government have set a 2 percent inflation target, aiming to end years of growth-inhibiting deflation.

Kuroda has vowed to achieve that goal within two years.

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