Japan's central banker vows to achieve inflation target

Japanese central banker Haruhiko Kuroda, governor of the Bank of Japan (BOJ), met with Prime Minister Shinzo Abe Tuesday and vowed to achieve the 2 percent inflation target set by the central bank in a move to defeat the country's prolonged deflation. Kuroda said after the meeting with Abe that the central bank will adjust its policy without hesitation if it needs to further ease the country's monetary condition in order to achieve a goal of annual 2 percent rise in consumer prices. "When needed, we (the bank) will adjust (our policy) without any hesitation," the central banker was quoted as saying, denying that the prime minister has asked him to do so. As to the progress on achieving the target, Kuroda said that the BOJ is "steadily" on course but still "halfway" to attaining the goal. The meeting came one year after the BOJ introduced its ultra- loose monetary policy under Kuroda's leadership as one of the main pillars of "Abenomics" to revive the Japanese economy. However, many concerned that the Japanese economy recovery would be punched after the sales tax hike from 5 to 8 percent on April 1 as the move could refrain consumption.