Ueda Kazuo refuses to disclose interest rate hike clues, reiterates close attention to risks
Bank of Japan Governor Kazuo Ueda reiterated his view that the bank needs to closely monitor various risks but did not hint at the possibility of a rate hike next month. "The timing and pace of adjusting the degree of monetary easing will depend on the future developments in economic activity, prices, and financial conditions," Ueda said during a business meeting in Tokyo on Wednesday. He pointed out, "The Bank of Japan needs to appropriately pay attention to various risk factors both domestically and internationally and study how these factors will affect the outlook and risks for Japan's economic activity and prices, as well as the likelihood of achieving that outlook." Last week, he made dovish remarks that surprised observers of the Bank of Japan, raising doubts about expectations for a rate hike in January if the bank does not take action at the December meeting, leading to a decline in the yen. Following his remarks, the yen further weakened against the dollar. The Bank of Japan maintained the benchmark interest rate at 0.25% during its policy meeting in December. In his speech on Wednesday, Ueda stated that he has many things to focus on and expressed a desire to see more data to gauge the momentum of the annual spring wage negotiations and the outlook for the U.S. economy
According to the Zhitong Finance APP, Bank of Japan Governor Kazuo Ueda reiterated his view that the bank needs to closely monitor various risks but did not hint at the possibility of an interest rate hike next month.
"The timing and pace of adjusting the degree of monetary easing will depend on the future developments in economic activity, prices, and financial conditions," Ueda said during a business meeting in Tokyo on Wednesday.
He pointed out, "The Bank of Japan needs to appropriately pay attention to various risk factors both domestically and internationally and study how these factors will affect the outlook and risks for Japan's economic activity and prices, as well as the likelihood of achieving that outlook."
Last week, he made dovish remarks that surprised observers of the Bank of Japan, raising doubts about expectations that the central bank would raise interest rates in January if it did not take action at the December meeting, leading to a decline in the yen.
Following his remarks, the yen further weakened against the US dollar.
The Bank of Japan will maintain the benchmark interest rate at 0.25% during its policy meeting in December. In his speech on Wednesday, Ueda stated that he has many things to pay attention to and expressed a desire to see more data to assess the momentum of the annual spring wage negotiations and the outlook for the US economy