Bank of Japan Governor Ueda Kazuo (植田 和男) indicated that additional rate hikes would be discussed at every meeting, including this month’s monetary policy meeting. He said that the 2% price stability target was “quite close” to being achieved and that the pace of rate hikes would be considered in light of data and market trends.
At a press conference following the G20 Finance Ministers and Central Bank Governors Meeting, Bank of Japan Governor Ueda Kazuo (植田 和男) said that additional rate hikes would be “carefully discussed at every meeting, including the next monetary policy meeting.”
He said that underlying inflation had “come quite close to 2%,” expressing confidence that the price stability target would be achieved. He pointed out that the economic indicators released after the previous monetary policy meeting showed that “the data have been broadly in line with the outlook.”
He indicated that the pace of rate hikes would be considered in light of developments in the Middle East and the foreign exchange market. Although market expectations are strong that the Bank of Japan will raise rates at its next meeting, the Bank declined to comment on day-to-day market movements.