Deputy governor of the Bank of Japan Shinichi Uchida
- We still have a big challenge to anchor the inflation expectations to 2%, the end of our battle is in sight
- Says 'this time is different'
- We have overcome the zero lower bound
- We returned to a conventional monetary policy framework, aiming at a 2% price stability target through adjustments of the short-term policy rate, which means we have overcome the zero lower bound
- Labour market conditions have changed structurally and irreversibly
- Not so clear if Japan has overcome deflationary norm
- The main driving force for these developments and long-waited structural changes is labour shortages
Uchida making convincing sounds but he is still expressing some wariness that its "Not so clear if Japan has overcome deflationary norm".
BoJ's Uchida
Earlier:
Over the weekend (Suzuki and Ueda in this post):
