A conference with BoJ Governor Ueda has just begun, where the banker will comment on the bank's decisions on monetary policy, as well as comment on predictions for future moves by the BoJ.
Here are Ueda's most important comments:
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Create account Try a demo Download mobile app Download mobile app- JAPAN'S ECONOMY IS MODERATELY RECOVERING.
- WE EXPECT CPI TO PICK UP AFTER DECELERATION.
- WE'RE NOT IN A SITUATION WHERE WE CAN SEE THE GOAL BEING MET YET.
- WON'T HESITATE TO TAKE ADDITIONAL EASING MEASURES IF NECESSARY.
- COMPANIES’ WAGE AND PRICE SETTING BEHAVIOR HAS BEEN MORE POSITIVE RECENTLY.
- WE HAVE YET TO FORESEE INFLATION ACHIEVING 2% IN A STABLE MANNER.
- I SAID IN THE YOMIURI INTERVIEW THAT WE NEED TO PATIENTLY CONTINUE OUR EASY POLICY.
- UNCERTAINTY IS QUITE HIGH OVER ECONOMIC AND PRICE OUTLOOK AS WELL AS CURRENCIES AND FINANCIAL MARKETS.
- WE CAN'T SAY WHEN POLICY MAY BE ADJUSTED.
- I CAN'T SAY WHEN WAGE RESULTS WILL BE CLEAR.
- WE HAVE PRIORITIZED MANAGING THE RISK OF ACTING TOO SOON.
- TODAY WE DISCUSSED THAT INFLATION'S RATE OF DECELERATION HAS BEEN SLOWER THAN IN THE JULY OUTLOOK REPORT.
- SEEING U.S. FED STANCE TO KEEP RATES HIGH
- THE US ECONOMY IS STRONGER THAN EXPECTED WHILE PARTS OF EUROPE AND CHINA ARE WEAK.
- WE ARE SEEING THE CONTINUED CONTRACTION IN JAPAN'S REAL WAGES WITH "CONCERN".
- We could consider ending yield curve control and modify negative interest rate policy
- But only when we judge that achievement of 2% inflation is in sight
- We are not in a situation now to decide on the order of change in policy tools
- WE STILL CANNOT IDENTIFY WHAT VARIABLE WOULD LEAD TO THE ACHIEVEMENT OF 2% INFLATION AND THE END OF NEGATIVE INTEREST RATE POLICY.
- DISTANCE TO ENDING NEGATIVE RATES NOT CHANGED MUCH
- WE WANT TO ACHIEVE 2% INFLATION BY CARRYING ON EASY POLICY WITH HELP OF SOMEWHAT HIGH INFLATION RATE DRIVEN BY RISING IMPORT PRICES
Yen extends declines against US dollar amid Ueda comments. Source: xStation 5
