Bank of Japan Governor Kazuo Ueda said the central bank did not have a set time frame for achieving its 2% inflation target due to uncertainty over the price outlook.
Ueda's approach contrasts with that of his predecessor Haruhiko Kuroda, who deployed in 2013 a massive asset-buying programme to hit 2% inflation in roughly two years.
"Having said that, our baseline view is that it won't take so long as over 10 years. We'll still seek to hit the target at the earliest date possible," he told parliament. With inflation exceeding its 2% target for a year, market speculation is rife that Ueda will gradually phase out Kuroda's stimulus that has drawn public criticism for distorting markets and crushing bank margins.
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