No Immediate Change in BOJ's Easing Policy, Says Governor Ueda

Mar 01, 2024 | News On Japan

TOKYO - Bank of Japan Governor Kazuo Ueda, attending the G20 Finance Ministers and Central Bank Governors meeting, expressed caution about an early revision of the massive easing measures, stating that the 2% inflation target is not yet within sight.

Bank of Japan Governor Ueda: "The question is whether we are in a situation where the sustainable and stable achievement of the price target can be foreseen. In my opinion, we have not yet reached that point."

Governor Ueda indicated a cautious approach to early revisions of massive easing measures, such as lifting negative interest rates, emphasizing that a rise in wages confirmed during the spring labor negotiations is a crucial point for achieving the inflation target.

Following the statement by BOJ board member Takata on February 29th in Shiga Prefecture that "we are in a situation where the 2% inflation target can be achieved," there was speculation in the market that the massive easing measures would be revised early, leading to a temporary appreciation of the yen to around 149 yen per dollar.

Governor Ueda's remarks seemed to quell the speculation sparked by board member Takata's statement, and the yen exchange rate subsequently returned to around 150 yen per dollar.

Source: ANN

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