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BOJ Governor Kazuo Ueda Speaks on Economic Prospects and Monetary Policy at Press Conference

Updated: May 01, 2025 14:55

Image Source: Youtube
Bank of Japan (BOJ) Governor Kazuo Ueda spoke to journalists in Tokyo, sharing Japan's economic prospects and the central bank's monetary policy direction. His comments are made against the backdrop of international trade tensions and domestic inflationary pressures. Below is a summary overview:
 
Major Highlights
Economic Recovery:
 
Ueda was optimistic regarding Japan's modest economic recovery, with reference to consistent wage growth and better consumption.
 
He added that inflation driven by imports should moderate, permitting real wages and purchasing power to increase.
 
Monetary Policy:
 
The BOJ is set to maintain interest rates unchanged at 0.5% in its next policy session with talk of a future hike later in the year.
 
Ueda confirmed the bank's determination to increase rates gradually while keeping a close eye on economic and price trends.
 
Quantitative Tightening (QT):
 
The BOJ is launching a QT plan to shrink its balance sheet, intending to cut bond purchases in half in early 2026.
 
The BOJ is to conduct a mid-term review of the QT plan in June, attracting market interest as Japanese yields increase.
 
Inflation Projections:
 
Ueda pointed to the BOJ's optimism in realizing its 2% inflation goal on the strength of ongoing wage increases and calm markets.
 
He recognized the effects of international trade policies on inflation and the importance of making prudent policy corrections.
 
Global Trade Tensions:
 
Ueda referred to uncertainties related to U.S. tariff policies, citing their potential effect on Japan's export and economic growth.
 
He underlined the need for adjusting monetary policy to reduce risks from disruptions to trade.
 
Future Outlook:
 
The BOJ continues to target supporting Japan's economic recovery in the face of external challenges.
 
Ueda's comments highlight the central bank's conservative strategy in balancing growth and inflation.
 
This press conference reflects the BOJ's strategic priorities and its attempt to promote economic stability in a complicated global landscape.
 
Sources: Channel News Asia, Channel News Asia, YouTube

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