The Bank of Japan may have to pursue its aggressive monetary policy easing for "some time" to fully vanquish deflation, BOJ Gov. Haruhiko Kuroda said Saturday.
Speaking at a global central banking conference in Jackson Hole, Wyoming, Kuroda said the central bank's efforts to overcome deflation by stimulating Japan's economy with large-scale asset purchases was proving effective.
He added, however, that the public is not yet convinced the central bank will hit its 2 percent inflation target. Creating that expectation is necessary to get firms to raise wages — a key step in Japan's long war with deflation, he said.