The head of Bank of Japan Haruhiko Kuroda said today that the regulator's policy is aimed at achieving the inflation target of 2.0%. He also said that the decline in demand after raising the sales tax in April by 3% to 8% is slowing. The reason for monetary easing was the intention to maintain the momentum of inflation expectations, which are under the pressure due to falling oil prices. At the same time, Mr. Kuroda noted positive cycle in the corporate sector and the growth of wages following rising prices. Given the statements of the Bank of Japan to achieve the inflation target, we keep the medium and long term negative outlook on the Japanese yen.