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pub_date:BOJ ready to adjust monetary policy up or down to achieve inflation targetTHE yen plunged to a six-month low against the US dollar in Tokyo yesterday after Bank of Japan governor Haruhiko Kuroda signalled the central bank's willingness to further ramp up monetary stimulus in order to achieve the target of 2 per cent annual inflation in "about two years".mini storageMr Kuroda emphasised in Tokyo that the BOJ had made a "very clear commitment" to meet its inflation goal and that the central bank is ready to adjust its monetary policy "up or down" in order to achieve that.His comments appeared to feed into already bearish market sentiment towards the yen, which yesterday continued the sharply downward trajectory set this month since Finance Minister Taro Aso signalled willingness to intervene in currency markets if necessary."I expect to see the yen drop to 104 in the first quarter of 2014 and to 106 by the end of next year, although it could drop to 110," chief foreign exchange strategist Tohru Sasaki at JPMorgan Chase Bank in Tokyo told The Business Times.A former chief foreign exchange dealer at the Bank of Japan, Mr Sasaki pointed to the "divergence of monetary policy" between the US, where the Federal Reserve will begin tapering next year, and Japan where, he said, the BOJ could ease further in coming months.There is a growing market consensus that the yen has nowhere to go but further down for the present. As it fell to a six-month low of 101.94 to the dollar yself storagesterday, the Nikkei 225 stock average market hit a six-month high of 15,942.60.The weakening yen is good for Japan's exports although Mr Sasaki pointed to changing corporate structures in Japan, whereby more goods are manufactured overseas than in the past. Also, rising import costs could limit the benefits of currency deprecation.Speaking at the Paris Europlace International Forum in Tokyo, Mr Kuroda acknowledged that the BOJ's inflation target is "very ambitious" but said that other leading central banks have set similar inflation targets and that the BOJ had been among the last to do so.It is proving difficult to reverse the deflationary psychology brought about by 15 years of falling prices in Japan but deflation expectations are finally ending and core consumer prices are turning upwards, he pointed out."There is a long way to go but we have already achieved a positive inflation rate," he said. The BOJ promised in April to double Japan's monetary base within two years and also to double the central banks' holdings of Japanese government bonds within a similar time frame.Mitsuhiro Furusawa, Vice-Finance Minister for International Affairs, also claimed at the forum that deflation is coming to and end and Japan's economy is expanding as a result of Prime Minister Shinzo Abe's "Abenomics" stimulus policies."Real GDP (gross domestic product) is growing, deflation is coming to an end, business confidence is improving and corporate profits are picking up," he said.迷你倉