BOJ’s Sakurai: Bank has achieved 60-70% of its inflation goal

Bank of Japan’s (BOJ) newly appointed board member Makato Sakurai was on the wires via Reuters today, noting that the Effect of easing is showing up in Japan's economy.

Key Quotes:

BOJ has conducted bold monetary easing in last 3 years

BOJ has achieved 60-70% of its inflation goal

Downside risks to Japan have risen compared to six months ago due to global slowdown

Don't need to be too pessimistic about Tankan result as capex plans aren't too bad

Effect of easing is showing up in Japan's economy

Should carefully monitor developments in the economy in deciding appropriate steps for mon pol

It's appropriate for BOJ to have many policy tools

BOJ must develop new policy means and use them appropriately

Yield curve fell faster than I expected after starting negative rates

BOJ should not deploy policy tools recklessly

Risks to the economy have risen but some indicators are still showing positive signs

Wants to hit price target soon but that's difficult to forecast due to influence of oil prices