BoJ Governor Haruhiko Kuroda ruled out the need to ramp up stimulus today. He said that “there’s no need to take additional steps. What’s important is to ensure our policy is sustainable, with an eye on balancing its pros and cons.”

But at the same time, he also ruled out an early end to the negative interest rate policy. He noted “I know there is various debate on the BOJ’s negative rate policy”, “but for the time being, it’s a necessary step that is part of our large-scale monetary easing program.”

Kuroda remained optimistic that “wage and price growth will likely accelerate” and lift inflation to 2% target eventually. But that change of doing that any time during fiscal 2020 is “slim”.

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