Bank of Japan (BOJ) Chief Haruhiko Kuroda said Thursday that the Japanese economy is on track to achieve the central bank's 2 percent inflation target, showing confidence with the effects of the central bank's drastic monetary easing policy adopted in April.
"I told the Prime Minister that Japan's economy is steadily moving toward achieving our 2 percent price stability target," Kuroda told reporters after his meeting with Prime Minister Shinzo Abe.
According to Kuroda, he also explained the premier domestic and overseas economies.
"Japan is not fully out of deflation. The central bank will continue its massive monetary easing program to achieve the 2 percent goal," said Kuroda.
Abe and Kuroda last held a similar meeting in June.
In April, the BOJ launched a massive monetary easing program to end deflation that has lasted for nearly 15 years and achieve the 2 percent inflation target in fiscal 2015.
On Tuesday, the Cabinet office dropped the word "deflation" in its monthly economic report for the first time in more than four years. But the office said it is too early to declare that deflation is over.