The Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Friday that the consumer price inflation is likely to be reached 2% by September 2016. He pointed out further monetary easing is not necessary as "underlying price trend is steadily improving and is expected to keep improving going forward".

Kuroda noted the timing for achieving 2% inflation has been delayed due to falling oil prices.

Inflation in Japan was 0.2% in March.

The BoJ governor also said that consumer spending in Japan over the year ended March was weaker than expected due to a sales tax rise in April 2014. He noted that the impact on exports was "more significant" that he expected as Japanese manufacturers shifted their production abroad.