The comments from Bank of Japan board member Asahi Noguchi reinforce market views that the central bank will be in no rush to lift borrowing costs
Japan ’s central bank has scope to raise interest rates further but must move cautiously and slowly to avoid hurting the economy, a dovish policy-maker said on Thursday, reinforcing market views it will be in no rush to lift borrowing costs.
“If economic and price developments move in line with our forecasts, we will adjust the degree of monetary support albeit at a slow pace,” Noguchi told a news conference, adding the bank must make the decision “with extreme caution.” The dollar scaled a more than six-week high versus the yen on Thursday, due in part to receding expectations of a near-term rate hike by the BOJ. It briefly hit 147.25 yen, the highest since Aug. 20, before retracing some gains to stand at 146.80 yen.
A majority of economists polled by Reuters on Sept. 4-12 had expected the BOJ to raise rates again by year-end. But sluggish real consumption suggests households still believe prices won’t rise much, having experienced decades of deflation and stagnant wage growth, said Noguchi, who voted against the BOJ’s decision to raise rates in July.
Yen Japan Noguchi Bank Rate Economy Statement BOJ Nagasaki Bank Of Japan
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