BoJ Governor Kazuo Ueda, in a speech today, reinforced the necessity “to continue with monetary easing” in Japan, citing the country’s vulnerability to a decelerating global economy and doubts surrounding the sustainability of wage increases.
Ueda cautioned against hasty modifications to the prevailing policy, emphasizing the high stakes involved. “The cost of prematurely shifting policy, and nipping the bud towards achieving 2% inflation, is extremely large,” he stated.
Earlier, Ueda warned the parliament about the potential fallout from a US. debt default, which he believes could trigger turbulence in markets and have a significant impact on the global economy. He assured that BoJ is committed to maintaining market stability, pledging to respond flexibly with a keen eye on economic, price, and financial developments.
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