Bank of Japan Governor Kazuo Ueda also offered a cautious take on the overseas economic outlook, warning of the fallout from aggressive U.S. interest rate hikes and sluggish growth in the Chinese economy
Bank of Japan Governor Kazuo Ueda said there was “very high uncertainty” over whether companies would continue raising prices and wages, stressing anew the bank’s resolve to maintain ultra-loose monetary policy.
“We’re seeing some signs of change in corporate wage– and price-setting behaviour. But there is very high uncertainty on whether these changes will broaden,” Ueda told business leaders in the western Japanese city of Osaka on Monday. But the BOJ had “no clear image in mind” yet on when and how it could ditch the yield cap or raise short-term interest rates.
“The cost-push inflation we’ve seen so far hurts companies and households. That’s why we are supporting demand and the broader economy with easy monetary policy,” he added.
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