BOJ’s Ueda: Told G20 that Japan will keep monetary policy ultra-loose

New Bank of Japan Governor Kazuo Ueda attends a news conference at the bank headquarters in Tokyo, Japan, April 10, 2023. REUTERS/Kim Kyung-Hoon/Pool

WASHINGTON  – Bank of Japan Governor Kazuo Ueda said on Thursday he told his G20 counterparts the central bank would likely keep monetary policy ultra-loose to stably and sustainably achieve its 2- percent inflation target.

“Core consumer inflation, which is now around 3 percent, is likely to slow below 2 percent towards the latter half of this fiscal year,” Ueda told a news conference after attending the G20 finance leaders’ gathering in Washington.

Ueda also said the global economy is likely to recover after a period of slowdown, and help keep Japan’s wages on an uptrend.

“The BOJ’s forecasts already takes into account the chance of a global economic slowdown. But they don’t see a severe global recession as a baseline projection,” he said.

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