Reuters: US Dollar Report: UPDATE 1-BOJ's new head vows to use all means available to hit price target

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UPDATE 1-BOJ's new head vows to use all means available to hit price target Mar 21st 2013, 11:27 Thu Mar 21, 2013 7:27am EDT * No comment on if to call emergency meeting - Kuroda * Balance sheet expansion alone not enough * BOJ should buy longer-dated assets to affect yields By Leika Kihara and Stanley White TOKYO, March 21 (Reuters) - The Bank of Japan is ready to take all means available to achieve its 2 percent inflation target, its new governor Haruhiko Kuroda said on Thursday, stressing his resolve to do whatever it takes to meet the goal in about two years. Kuroda declined to comment on whether he would call an emergency meeting to discuss easing monetary policy before a regular rate review scheduled for April 3-4. "The BOJ has held emergency meetings in the past, so it's not impossible, but I shouldn't comment on whether there will be an emergency meeting," he said in his inaugural news conference. Markets have speculated Kuroda might call an emergency meeting after he had said he would act with speed in trying to achieve the BOJ's inflation target. Kuroda said the central bank is open to various options in easing monetary policy, including switching to open-ended asset buying sooner than scheduled, although he added he would like to carefully discuss these options with the nine-member board in making a decision. He said expanding the BOJ's balance sheet alone isn't enough in achieving the BOJ's price target, saying that the type of asset it buys was equally important. "Quantitative easing alone may have some spill-over effects on asset price moves ... But it's important to try and push down yields across the curve with purchases of longer-term financial assets," he said. Kuroda, Japan's former currency tsar, and his two deputies, former academic Kikuo Iwata and career central banker Hiroshi Nakaso, assumed their posts on Wednesday. Expectations that Kuroda, an advocate of aggressive monetary easing, will drive the BOJ into taking bolder steps to beat deflation pushed Japan's Nikkei share average to a 4-1/2 year high and 10-year bond yields to a near-decade low on Thursday. Link this Share this Digg this Email Reprints

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