BoJ board member Naoki Tamura said today that the central bank must remain prepared to adjust its policy rate “in a timely and appropriate manner” based on evolving data, even in the face of ongoing uncertainties. While real interest rates remain low, Tamura emphasized that rate hikes would be guided by evidence of sustained improvements in activity and inflation, stressing the need for being “without haste or delay”.
Tamura added that uncertainty is a constant in policy-making, but that should not paralyze decision-making. If the risks to inflation shift meaningfully to the upside or the likelihood of hitting the 2% target increases, the BoJ should be ready to “act decisively.”
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