Bank of Japan (BoJ) Deputy Governor Shinichi Uchida expressed his view on the bank’s interest rate outlook, exchange value and the current market volatility.
Bank of Japan Deputy Governor Shinichi Uchida expressed his view on the bank’s interest rate outlook, exchange value and the current market volatility. Key quotes Our interest rate path will obviously change if, as a result of market volatility, our economic forecasts, view on risks and likelihood of achieving our projection change. Japan is not in an environment where we would be behind the curve unless we hike rates at set pace. We won't hike rates when markets are unstable.
We must maintain current degree of monetary easing for the time being. Japan's real interest rate very low, monetary conditions very accomodative. If economy, prices move in line with projections, it is appropriate to adjust degree of monetary easing. Degree, speed of FX moves' impact on prices bigger than in past. Weak yen and subsequent rise in import costs pose upside risks to inflation. Short-term interest rate, at 0.
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