BOJ’S UEDA: THE CHANCE OF MOVING RATES OUT OF NEGATIVE IN 2024 IS NOT ZERO
The Bank of Japan (BoJ) Governor Kazuo Ueda spoke with NHK on Wednesday that he was not in a rush to unwind the central bank's ultra-loose monetary policy, noting that the risk of inflation exceeding 2% and rising further was minimal.
Key quotes
"For now, I don't think the chance of this happening is large”
“It will require substantial time before the data of all smaller firms will become available.”
“Not quite convinced yet that Japan can foresee inflation sustainably achieving the BOJ's 2% target.”
“The chance of moving short-term interest rates out of negative territory next year "was not zero”.”
“Key factor would be whether wage hikes will broaden to smaller firms in 2024's annual spring wage negotiations, but the BOJ could decide even before the smaller firms' wage talk outcome becomes available if their profits turn out to be very strong
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