Inflation still below target, says Ueda
According to Ueda, “Trend Inflation”, a somewhat tricky gauge that differs from official headline and core measures, is still running below 2.0% and likely to do so for quite some time. A change in the BoJ’s policy stance, therefore, would be dependent on this measure of inflation rising.
“If trend inflation accelerates toward our 2% inflation target, it becomes possible to reduce degree of monetary stimulus somewhat,” said Ueda in his speech on Tuesday.
The two factors the BoJ would be closely monitoring in regards to inflationary pressures would be wage inflation and services inflation, Ueda added.
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