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Bank of Japan Governor Weighs Possible Rate Hikes
The Governor of the Bank of Japan, Kazuo Ueda, stated that the bank does not rule out the possibility of consecutive or significant interest rate hikes in response to escalating inflation risks. This comes after the bank raised interest rates to their highest level in 31 years, amid rising oil prices and mounting wage pressures. He mentioned that decisions to raise rates will depend on developments in inflation and the markets, emphasizing that core inflation has not yet exceeded 2%, and that the bank is focused on monitoring price data and avoiding excessive tightening that could negatively impact the Japanese economy. He also pointed out that a rise in energy costs could further increase inflationary pressures, and that the currency market and its effects are being monitored without a bias towards exchange rate stabilization, stressing the importance of balancing rate hikes with maintaining stability in financial markets.
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