TOKYO : Bank of Japan Governor Kazuo Ueda said on Thursday the central bank will continue to support the economy by maintaining accommodative monetary conditions for the time being.
Bank of Japan Governor Kazuo Ueda gestures as he speaks during a press conference after a policy meeting at BOJ headquarters, in Tokyo, Japan March 19, 2024. REUTERS/Kim Kyung-Hoon
The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from decades of massive monetary stimulus that was aimed at reviving the economy and quashing deflation. "We could have waited until inflation is completely at 2 per cent for a long period of time. But if we did so, it's unclear whether inflation would have stayed at 2 per cent. We might have seen a sharp increase in upside price risks," Ueda replied.
While cost-push pressures on inflation from past rises in raw material prices were easing, service-related prices continued to increase gradually, Ueda said.
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