Nominee for one of the two Bank of Japan deputy Governor positions Uchida repeating what Kuroda has been saying over and over, and repeated by Ueda also:
- Japan CPI peaking out towards below 2% by around middle of fy2023
I don't know that saying 'peaking out' below 2% is what he actually said. CPI is already above there. But the main message is the Bank forecasts inflation as transitory (famous last words?) and that CPI will decline from around September/October this year (Japan's fiscal year begins on April 1)
And:
- BOJ needs to continue monetary easing for the time being to support economy
- Japan no longer in situation described as deflation after years of monetary stimulus
- Monetary easing is needed from now on as well
- Financial stability very important for effects of monetary easing
- BOJ shouldn't review easy monetary policy just because there are side-effects
- Will conduct policy flexibly
Bank of Japan