BoJ’s Ueda: More time needed to meet BoJ’s 2% inflation target

Bank of Japan (BOJ) Governor Kazuo Ueda is speaking at the post-June policy meeting conference on Friday, noting that more time will be needed to meet the central bank’s 2% inflation target.”

Additional quotes

Effects, side-effects of unconventional monetary policy in past 25 years will be subject to our review of past policies.

Prices will be on uptrend but uncertainty high including outcome of annual wage negotiations.

Review of past policies will also address how globalisation, depopulation since 1990s affected businesses, households, monetary policy.

Will update progress of review of past policies on boj website starting next month.

There are signs of changes in corporate price-setting mechanism.

more to come ...

Market reaction

In reaction to the above comments, USD/JPY is resuming its rally, currently testing 141.00, up 0.45% on the day.