The Bank of Japan said Gov. Haruhiko Kuroda wasn't revising the inflation outlook when he said in Davos on Friday that consumer prices are finally moving close to the 2 percent target.
"There are some indications that wages are actually rising, and some prices have already started to rise and even medium to long-term inflation expectations, which have been so weak in the last couple years, are now slightly picking up," Kuroda, speaking in English, said on a panel at the World Economic Forum in the Swiss ski resort.
"So, there are many factors which made achieving 2 percent inflation target or price stability target so difficult and time-consuming, but I think we are finally close to the target," he said.