TOKYO (Reuters) – Japan’s central bank governor said on Thursday he told the country’s prime minister the bank would conduct a review of its policy tools in March to ensure it can maintain ultra-loose monetary settings for a long period.

Governor Haruhiko Kuroda said he also told Prime Minister Yoshihide Suga that the global economy appeared to be picking up, based on estimates issued by the International Monetary Fund.

“I explained to the prime minister the Bank of Japan would conduct a review (of its tools) to make its policy more effective and sustainable, and announce the findings at its March rate review,” Kuroda told reporters after meeting with Suga.

The BOJ governor and the prime minister hold meetings once every few months as a regular practice to exchange views on the economy and policy.

Kuroda’s comments about the review follow the BOJ’s December announcement that it would assess its policy tools in March as the hit to growth from the pandemic forces the central bank to maintain a massive and prolonged stimulus programme.

Kuroda said Suga did not have any particular comment on the BOJ’s March review and the two did not discuss the Tokyo Olympic Games.

He also told reporters that while service spending remains sluggish, Japan’s consumption was “picking up somewhat” and that exports and output were recovering to levels seen before the pandemic struck, Jiji news agency reported.

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