Bank of Japan Governor Haruhiko Kuroda reaffirmed Oct. 12 that the central bank will continue its "ultra-loose monetary policy to achieve 2% inflation at the earliest date possible," Reuters reported.

Kuroda, who introduced a large asset-buying program in 2013 to boost inflation, believes achieving the 2% target is "only a question of time." He spoke to reporters upon his arrival for a G20 finance leaders' meeting in Washington.

He said the current inflation at 0.5% and wage growth were still low but said that stronger economic growth, a narrowing output gap and a tightening labor market would eventually raise inflation.

The BOJ is expected to maintain its current policy rate at its next meeting Oct. 31 even as it may yet again cut its inflation forecasts in its quarterly review at the rate meeting.