Massive stimulus announced by the Bank of Japan in April will help the economy exit deflation, Bank of Japan Governor Haruhiko Kuroda said Friday.
The Quantitative and Qualitative Easing "will lead Japan's economy to overcome the deflation that has lasted for nearly 15 years, and reinvigorate the economy," he said in a speech at the International Conference on The Future of Asia.
Asian central banks and financial authorities are committed to promoting the local currency-denominated bond markets so that the abundant savings of Asian economies can be utilized effectively within the region, Kuroda said.
He stressed on the need to build a regional financial intermediary system that is "not solely dependent on foreign capital."
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