The governor of the Bank of Japan has said that the bank will maintain its ultra-easy monetary policy to support the country's economy and encourage wage growth.

Kuroda Haruhiko spoke at a seminar in Washington on Saturday. The meeting was attended by financial officials from central banks and international organizations.

Kuroda said that the BOJ will continue with monetary easing since Japan's headline inflation is likely to fall below 2% during the next fiscal year.

He added that the recent rise in prices in Japan will be temporary, as it is mainly due to higher energy costs.

Kuroda stressed that Japan's economic situation is different from those of the Western countries that have been rushing to increase interest rates.

He said that the European economy has risen to levels higher than those reached before the coronavirus pandemic. He pointed out that the Japanese economy has not reached such levels.

Kuroda also noted that Japan has yet to see a positive economic cycle accompanied by an increase in wages.

The governor said, "The BOJ considers it appropriate to continue with monetary easing to support the economy to ensure the shift in norms and to ensure the price stability target in a sustainable and stable manner accompanied by wage increase."