MNI BRIEF: 2% Is Not In Sight, Easy Policy Remains- BOJ's Ueda

Bank of Japan Governor Kazuo Ueda said on Friday the achievement of the bank’s 2% price target is not in sight and the Bank must continue patiently with easy policy, but in a flexible manner.

“The BOJ’s policy stance doesn’t change. There are high uncertainties over economy and prices,” Ueda told reporters. He also said that the BOJ cannot determine when the economy will achieve the 2% price target.

Ueda also said his policy stance, based on the risk-management approach, has not changed, and he continues to focus on downside risks to prices that may spring from a hasty policy change.

When asked about whether the BOJ will be able to judge by year-end to determine the achievement of the 2% price target, Ueda said policymakers will analyse the possibility on a meeting-by-meeting basis.

The BOJ left its policy rate and yield curve control policy unchanged today following the board's two day meeting. (See MNI BRIEF: BOJ Keeps YCC; Policy Rates Forward Guidance)