The Bank of Japan (BoJ) Governor Haruhiko Kuroda said at a press conference on Friday that the timing for achieving 2% inflation target depends on oil prices. He added that low oil prices affect inflation, the central bank will adjust its monetary policy.

Kuroda pointed that a low oil prices are positive for Japan's economy.

The BoJ governor said that household sentiment continues to recover, but consumer spending remains weak.

Kuroda expect inflation to increase later this fiscal year.

He noted that there should be no market turbulences if the Fed starts raising its interest rate this year as this development is already priced in.