Bank of Japan Governor Kazuo Ueda (植田和男氏) once opposed ending the zero-interest-rate policy, but has now begun deciding to pursue rate hikes against a backdrop of high prices and a weaker yen. Based on official records, the article traces the course of events and the changes in his decisions.
This article confirms that Bank of Japan Governor Kazuo Ueda (植田和男氏) opposed ending the zero-interest-rate policy in 2000. The reasons for his opposition included the outlook for prices and caution in monetary policy, with emphasis placed on the risks of verifying the policy's effects under the conditions prevailing at the time.
Subsequently, drawing on his theoretical background as a researcher and his experience in policymaking, Governor Ueda shifted toward a position focused on continuing accommodative measures and maintaining economic stability. In March 2024, he decided to end the accommodative policy, reflecting a change toward prioritising whether the wage-price cycle could deliver stable 2% inflation.
The video describes the latest policy stance, including the fact that the Bank of Japan raised its policy rate to approximately 1.25% on 6 October 2026, and the decision-making process that led to it. It explains how the Bank assesses the achievement of stable prices that support households and corporate activity while balancing the risks of acting too soon against those of waiting.