At a press conference on the 18th, BOJ Governor Ueda Kazuo (植田和男) said the pace of future rate hikes would not be specified and that the Bank would analyze conditions and decide at each meeting. In light of changes in price trends, he indicated that the phase of monetary policy had changed.
At a press conference following the Monetary Policy Meeting, BOJ Governor Ueda Kazuo (植田和男) indicated that future rate hikes would not be placed within a specific framework such as “once every 3 months,” and said the Bank would conduct a thorough analysis at each meeting before deciding on policy.
Regarding price developments, he pointed to the possibility that price increases could spread across a broad range of goods, against the backdrop of factors including another rise in crude oil prices. He explained that the Bank had made its decision while remaining mindful of the risks, taking into account the accommodative financial environment.
Governor Ueda Kazuo (植田和男) also indicated that the policy phase had changed. He explained that the short-term policy objective had previously been to raise the underlying inflation rate to 2%, whereas it is now approaching 2% and upside risks have become apparent.
Regarding the terminal rate, he said it would not be specified, indicating that policy changes would be made as necessary and that the terminal rate would be determined ex post.