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BOJ abandons target date for achieving 2% inflation

Gov. Kuroda denies waning confidence in central bank's monetary policy

Bank of Japan Gov. Haruhiko Kuroda said that the reason for eliminating the target date for achieving 2% inflation was to prevent the market from speculating on bank policy.

TOKYO -- The Bank of Japan kept monetary policy unchanged at Gov. Haruhiko Kuroda's first meeting of his second term on Friday. At the same time, the central bank deleted from its statement the date for achieving 2% inflation, which had been targeted for "around fiscal 2019."

"[Posting the 2% forecast] was not appropriate as regards communication with the market," said Kuroda at a news conference on the bank's decision to remove the target date from its most recent quarterly "Outlook for Economic Activity and Prices" report.

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