BoJ Governor Ueda: Japan’s consumer inflation likely nearing its peak
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New Bank of Japan (BoJ) Governor Kazuo Ueda said on Monday, “Japan’s consumer inflation, including index stripping away fuel costs, likely nearing its peak,” adding that he is “seeing it slowing ahead.”
“Don’t see Japan’s property prices as excessively over-valued.”
“Want to carefully monitor whether monetary easing leads to excessive rise in property prices, cause bubble.“
“It’s true that rising import prices are being passed on to domestic prices more than expected.”
“BoJ must maintain monetary easing as trend inflation still below 2%.”
“If it can be foreseen that trend inflation will reach 2%, BoJ must head toward policy normalization.”
“How to revise YCC will depend on various factors, such as economic conditions, pace of inflation at the time.”
“Can’t say now how specifically boj could tweak YCC.”
“BoJ’s inflation forecast half-year, 1 year, 1.5 year ahead must be quite strong and close to 2%, when asked what will be conditions for BoJ to consider tweaking YCC.”
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