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BOJ's Kuroda dismisses need for monetary policy framework review

The Bank of Japan said it does not intend to undertake another review of its monetary policy framework after an opposition lawmaker called for an evaluation of the central bank's failure to achieve its 2% price target, Reuters reported.

Governor Haruhiko Kuroda on Feb. 26 reiterated that the central bank will maintain its massive stimulus program, dismissing speculation that his reappointment signals gradual retreat from crisis-mode stimulus.

"It's unfortunate that achievement of our price target has been delayed. But thanks to the effect of our powerful monetary easing, Japan's economy is no longer in a state that can be described as deflation," Kuroda said. "Things are proceeding smoothly, so I don't have any plan at this stage to conduct another comprehensive review."

Japan's economy grew 0.5% on an annualized basis in October-December 2017, marking the eighth straight quarter of expansion, following a revised 2.2% annualized rate of expansion in the third quarter of 2017.

Japan's core consumer prices rose 0.9% year over year in January before seasonal adjustment, unchanged from the previous month. The consumer price index in January was up 1.4% over the year before seasonal adjustment.

The central bank conducted a comprehensive assessment of its framework in 2016.