Bank of Japan Governor Ueda spoke at the G7 Finance Ministers and Central Bank Governors’ Meeting in Niigata on Saturday May 13 in a news conference.
Ueda once again said he'd be keeping BOJ policy accommodative:
- Japan's economy was recovering
- consumer inflation, which is currently above 3%, will begin to slow toward the middle of the current fiscal yea
- “I told the G7 meeting that Japan is maintaining ultra-loose monetary policy to sustainably and stably achieve the BOJ’s 2% inflation target”
Ueda was in an expansive mood, commenting more broadly also:
- Many G7 central bank governors appeared to feel the impact of past interest rate hikes has yet to show fully
- “Participants seemed to share the understanding that the effect of past interest rate hikes has yet to fully show on their economies and inflation, and could begin to appear more ahead,”
- “Many said they wanted to guide monetary policy, taking that point in mind,”
