TOKYO : Global central banks may already be facing a new economic environment where inflation and interest rates will no longer revert to the low levels of the past, Bank of Japan (BOJ) Governor Kazuo Ueda said on Wednesday.While supply factors have been blamed for the current increase in global inflation
TOKYO : Global central banks may already be facing a new economic environment where inflation and interest rates will no longer revert to the low levels of the past, Bank of Japan Governor Kazuo Ueda said on Wednesday.
Given some reversal of globalisation, and high levels of public and private debt accumulated during the pandemic, global interest rates may not return to the"low for long" period experienced before the pandemic, Ueda said. The BOJ has kept ultra-low interest rates on the view the recent rise in inflation above its 2 per cent target is driven mostly by cost-push factors, and therefore will prove temporary.
"Moreover, there is no guarantee that the way they are formed will remain stable over time," he added.
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