Kazuo Ueda, Japan's new central bank, assumed his post with a pledge to guide monetary policy 'flexibly' against a background of high economic uncertainty.
Japan's new central bank governor Kazuo Ueda on Monday said on Monday he will guide monetary policy flexibly, amid high economic outlook uncertainty.
"Given high economic uncertainty, the BOJ will communicate closely with the government and guide monetary policy flexibly," Ueda told reporters after meeting with Prime Minister Fumio Kishida to receive his official appointment letter. Markets will be looking for clues on how soon Ueda could phase out an unpopular bond yield control policy that has drawn criticism for distorting markets and hurting bank margins.
"The increasing side-effects are a sign the policy effect is working its way through the economy," former BOJ deputy governor Hiroshi Nakaso was quoted as saying in an interview with the Nikkei newspaper. To compensate households for the increase in living costs, major firms have offered wage hikes of nearly 4% this year in annual labour talks, the fastest pace in about three decades.
Ueda will chair his first policy meeting on April 27-28, when the board produces fresh quarterly growth and price forecasts extending through fiscal 2025.
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