Osaka

Financial Reports Reveals BoJ Maintains Record Stimulus

Osaka Financial has reported that the Bank of Japan maintained its QE program and said its 2%
inflation target could be achieved by September 2016.

Osaka Financial reports reveals that the Bank of Japans huge quantitative easing program is capable of
driving inflation in the country to its 2% target according to Haruhiko Kuroda, the central banks
governor.

Mr Kuroda also said that a slowdown in Japans economy was unlikely to continue beyond the end of
July and suggested that inflation could gain momentum in the fall. He maintained his view that the
Banks inflation target could be reached by September next year and implied that the Bank stood ready
to expand its highly controversial quantitative easing program should the need arise.

Were not as assured as Mr Kuroda that inflation will reach target in the timeframe he specified, said
Kimi Inoue, Asia-Pacific markets senior analyst at Osaka Financial.

Consumer spending remains sluggish, exports are weak and the pickup in wage growth and the labor
market simply arent enough to contribute anything more than 0.2-0.3% to the inflation numbers. For
that reason, we think the BoJ will need to add more QE sooner than expected, Inoue added.

Osaka Financial says, however, that the prospect of further stimulus is particularly bullish for equities
and recommends clients remain invested despite what it calls sympathy corrections with Chinese
mainland stock indices, which have been battered, in recent weeks after hitting all-time highs in mid-
June.

The BoJ has committed to increasing the money supply at a rate of 80 trillion each year until its
inflation target is hit but Osaka Financial believes the policy is almost certainly storing up trouble for the
currency in the years ahead particularly as Japan is the worlds most indebted nation.

About Osaka Financial
Established in 2007, Osaka Financial is a fully-independent investment and asset management practice
providing bespoke financial and wealth management solutions to individuals and families who need to
build upon and conserve their wealth. We provide a comprehensive range of services including asset
management, retirement planning and portfolio design.

Staffed by a number of exceptionally well-qualified finance professionals, Osaka Financials business

philosophy reflects the core values of its founders: uncompromising independence, clarity,
performance, fiduciary responsibility and integrity.

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