By Leika Kihara

TOKYO (Reuters), Haruhiko Kuroda, Bank of Japan Governor, reiterated on Friday that a weak yen will benefit the whole economy. This was despite concerns that the slide to multi-year lows of the currency could be more damaging than beneficial to this resource-poor and import-dependent country.

Kuroda stated that the benefits of a weakening yen are more due to the increase in overseas profits than an increase in export volumes.

He stated that he did not believe there was any change in his view of a weakening yen as a positive factor for Japan’s economy.

Kuroda claimed that recent increases in import prices were mainly caused by inflation of global commodities, and not weak yen.

He stated that cost-push inflation without wage increases will harm Japan’s economy. It weighs on the real income of households and profit margins for import-reliant businesses.

It won’t result in sustained achievement of the price target. Kuroda stated that the BOJ would continue strong monetary easing.