Outgoing Bank of Japan Governor Haruhiko Kuroda asserted on Friday that the country has made steady progress toward achieving the 2% inflation target.
Speaking to the press ahead of his retirement from the post, Kuroda said the central bank is registering a broadening trend of inflation being reflected in wages. Furthermore, he expressed hopes that the "norm" that wages and prices won't rise will change and inflation target in tandem with wage hikes is achieved.
The Bank of Japan has, unlike the majority of Western central banks, stuck to its loosening policy to control the inflation crisis. The latest data from March showed inflation in Japan fell further to land at 3.3%.
