MNI BRIEF: BOJ Nominee Ueda To Review Policy As Needed

Bank of Japan governor nominee Kazuo Ueda said on Friday that the BOJ will review or examine monetary policy if necessary after discussing with other policy board members.

Ueda told lawmakers that policymakers examine the impact and side-effects of easy policy at every policy decision meeting.

As for additional or comprehensive policy review or examination, Ueda said that he would like to implement it if necessary after taking office.

Ueda also said that he doesn’t see the need to change the status of the 2% price target in a joint statement between the BOJ and the government made in 2013.

When asked about YCC tweaks, Ueda declined to comment, saying that if he refers to concrete options, it would invite unnecessary market moves.

If the underlying trend of prices improves further, the BOJ will review YCC, including normalisation of easy policy.

He said the BOJ would monitor the impact of the decision to widen the range around the 10-year interest rate target and it is premature to discuss policy tweaks now.