Bank of Japan Governor Haruhiko Kuroda said Japan’s unprecedented monetary stimulus was understood at a meeting of finance ministers and central bankers from China, South Korea, and 10 Southeast Asian nations.
“I strongly stressed that our monetary easing is aimed at overcoming a 15-year-long deflation, and I believe we’ve gained understanding in this regard,” Kuroda said today after the “Asean-plus-three” meeting, which was held near New Delhi during the Asian Development Bank’s annual meeting.
Japan’s monetary policy, aimed at reaching 2 percent inflation in two years, has weakened the yen, fueling concern that emerging nations will experience disruptive capital inflows. The Asean-plus-three nations remain vigilant on the unintended negative side effects on the region stemming from extended periods of global monetary easing, according to the group’s statement released today.
Earlier today, China’s Vice Finance Minister Zhu Guangyao said while the Asean-plus-three nations had “different opinions” on Japan’s quantitative easing, the meeting helped them understand Japan’s position. The talks will promote financial cooperation in the region, he added. The finance ministers of China and South Korea didn’t attend the meeting.