BOJ Governor Signals Rate Hikes

The Governor of the Bank of Japan, Kazuo Ueda, emphasized that maintaining core inflation around the 2% target has become a priority, with the bank remaining prepared to raise interest rates to mitigate the risk of runaway inflation. He noted that economic developments are aligning with the expected scenario, with the economy recovering moderately and long-term inflation expectations rising. However, he warned of the risks of inflation exceeding the target due to price pressures stemming from the war, new technologies, and the weaker yen. He explained that the bank will continue to raise borrowing costs to ensure inflation remains stable, reaffirming that financial conditions still support economic activity and aid in the recovery.

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