August 24, 2013 / 6:27 PM / in 5 years

Kuroda says Bank of Japan's policy measures are working

JACKSON HOLE, Aug 24 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Saturday the bold policy actions that he has championed to spur his nation’s moribund economy were gaining traction.

“The bank’s (policy) has already started to exert its intended effects,” Kuroda told the annual Jackson Hole central banker’s retreat in Wyoming during a panel discussion on unconventional monetary policy.

The Bank of Japan has pledged to lift inflation to two percent through a campaign of massive bond purchases, or quantitative easing, to try to end the country’s decade-long economic stagnation.

The panel included Bank of England Deputy Governor Charlie Bean, who stressed that the BoE was not seeking to push even harder on the policy pedal with its actions.

“This guidance is intended primarily to clarify our reaction function and make policy more effective rather than to inject additional stimulus,” Bean told the conference.

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