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MNI BRIEF: 2% Target Chance Rises, Data Needed - Ueda

(MNI) Tokyo

Bank of Japan Governor Kazuo Ueda said on Tuesday the probability of achieving its 2% price target in a stable and sustainable manner in fiscal 2025 had increased from November, but the bank still needs to ascertain the strengthen of the wage-prices cycle.

Ueda said he will focus on wage hikes next year and whether they will filter through to prices, but refrained from identifying specific data the BOJ will use to judge their strength.

He added the Federal Reserve’s rate cuts expected in 2024 will not affect the conduct of the BOJ’s monetary policy, which is driven by its own economic and price conditions.

U.S. inflation rates are falling due to the improvement in the supply side, which will prove positive for the U.S. and the Japanese economy, he added.

The BOJ kept its policy settings unchanged today.

MNI Tokyo Bureau | +81 90-2175-0040 |
MNI Tokyo Bureau | +81 90-2175-0040 |

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