BOJ’s Harada: Need a little more time to gauge impact of negative rate policy on real economy

The Bank of Japan (BOJ) published the text of the speech made by BOJ board member Yutaka Harada earlier today.

Key Quotes:

Need to be mindful of adding stimulus too late

BOJ shouldn't hesitate to take action if needed

Negative rates combined with QQE are having the intended impact

Monetary policy decides inflation in the longer term

Need a little more time to gauge impact of negative rate policy on real economy

Falling global stock prices since end-2015 reflect weakness in global trade stemming from weak economy