Bank of Japan (BoJ) Governor Haruhiko Kuroda said before the parliament on Tuesday that the money printing alone would not lead to higher inflation.

"It's not that the monetary base alone will pull up inflation or inflation expectations promptly. We aim to raise prices through an increase in inflation expectations and a tighter gap in supply and demand under QQE [qualitative and quantitative easing measures]," he said.

Kuroda noted that a risk aversion was responsible for the recent market turmoil.

The BoJ Governor pointed out that the central bank's stimulus measures had a positive effect on households and the economic growth.