MNI BRIEF: BOJ To Raise Further, No Clues on Timing - Ueda

Bank of Japan Governor Kazuo Ueda said on Wednesday that the Bank will continue to raise the policy interest rate and adjust the degree of easy policy in future, but he did not offer clues on the pace or timing, which will depend on economic activity and prices.

Ueda noted the upside risk to prices caused by the rise in import prices led by the weak yen was behind the decision to raise the policy interest rate to 0.25%.

“We decided to raise the policy rate today as economic activity and prices are moving in line with our expectations," he told reporters. "In fact, the forecasts for economic growth and prices weren’t changed from those of April."

Ueda also said gradually raising the policy interest rate based on economic activity and prices would be better, as this would decrease the risk of rushed future policy hikes.