Bank of Japan Governor Kazuo Ueda stated on Wednesday that the central bank would not adjust its monetary policy in direct response to fluctuations in the currency market. This dismisses the speculation in the market that the significant depreciation of the yen could compel the bank to raise interest rates.
He stated that if there is a possibility of wages and inflation increasing beyond anticipated levels, thereby causing a rise in long-term inflation beyond 2%, it may be necessary to contemplate modifying the monetary policy.
Furthermore, he expressed that the bank determined to establish the policy interest rate as the uncollateralized overnight call rate and promote its stability within the range of 0 to 0.1 percent.
Ueda expressed that the Bank of Japan's choice to discontinue its extremely accommodative measures in March was grounded on the belief that the attainment of their 2% inflation goal is approaching. The central bank will contemplate the possibility of further interest rate hikes if the ongoing trend of inflation, which remains below 2%, progresses towards that threshold as forecasted.
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