Bank of Japan (BoJ) Governor Kazuo Ueda addressing a press conference in Nagoya reiterated to patiently maintain monetary easing to support economic activity.
Key Quotes: Japan's economy recovering moderately. Japan's economy is likely to continue recovering. Long-term rates may rise somewhat but what's important is to look at the real interest rate that takes into account inflation expectations. Even if long-term rates rise, real interest rates will move in negative territory so monetary conditions will be sufficiently accommodative. There is uncertainty on whether Japan will see the positive cycle of wage and inflation, as we predict.
We will patiently maintain monetary easing to support economic activity. We will continue massive bond-buying even under the new operation we decided last week. We will conduct nimble market operations when interest rates rise, depending on the level and speed of moves of long-term rates. Even if long-term rates come under upward pressure, don't expect the 10-year JGB yield to sharply exceed 1%.
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