BOJ Ueda says CPI growth will slow under 2% in fiscal year 2023

Ueda is the government nominee for Bank of Japan Governor. Its pretty much a done deal (Japan Inc.)

Summary points from Ueda's testimony before the upper house of the Diet as part of his nomination and confirmation process:

• CPI growth will slow below 2% in fiscal 2023
• It takes time for CPI to meet 2% target sustainably and stably
• BOJ's monetary easing causing various side-effects
• BOJ BOJ The Bank of Japan (BOJ) is the central bank of Japan. It was established in 1882 and is headquartered in Tokyo.The BOJ's main responsibilities include issuing and managing the country's currency, implementing monetary policy, and ensuring the stability of the financial system. It also acts as a lender of last resort to banks during times of financial crisis. The BOJ sets the interest rate of the country and sets an inflation target, aiming to achieve 2% inflation.The BoO has a long history, with The Bank of Japan (BOJ) is the central bank of Japan. It was established in 1882 and is headquartered in Tokyo.The BOJ's main responsibilities include issuing and managing the country's currency, implementing monetary policy, and ensuring the stability of the financial system. It also acts as a lender of last resort to banks during times of financial crisis. The BOJ sets the interest rate of the country and sets an inflation target, aiming to achieve 2% inflation.The BoO has a long history, with Read this Term's current monetary easing policy is appropriate
• Appropriate to continue monetary easing from now on also
• The Bank of Japan faces a difficult situation regardless of who becomes the new Governor

• Definition of price stability is zero inflation
• The more inflation deviates from zero, the larger the cost becomes
• Central banks have set inflation target at 2% to leave themselves room for future rate cuts, a practice Japan has applied too

Note that the fiscal year in Japan will begin on April.