The Bank of Japan (BoJ) Governor Haruhiko Kuroda said at the press conference on Wednesday that inflation in Japan will reach 2% target by next year. He noted that it is unlikely the economy in Japan will continue to slow down this quarter.

"Prices will likely pick up at a significant pace some time during the end of this fiscal year," he said.

Kuroda reiterated that the central bank will adjust its quantitative easing if needed.