BOJ's Kuroda: BOJ easing has already breached bank note rule

TOKYO, March 28 Wed Mar 27, 2013 11:44pm EDT

TOKYO, March 28 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Thursday that the central bank's asset purchases have already exceeded a self-imposed rule which limits purchases to the amount of currency notes in circulation.

Kuroda, speaking in the upper house of parliament, also said asset purchases will exceed this limit even further going forward as the BOJ accelerates monetary easing to end 15 years of deflation.

Kuroda also said formally deciding to scrap this rule is an option, but that it is a decision that the monetary policy committee must take.

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