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NAGOYA, Japan, Nov 6 - Bank of Japan Governor Kazuo Ueda said the country was making progress towards achieving the bank's 2% target but not enough to end ultra-loose policy just yet, warning of uncertainty on whether companies will keep rising wages enough next year.
Japan's economy is likely to continue recovering, but the outlook was"extremely uncertain" due largely to overseas risks such as the impact of aggressive U.S. interest rate hikes on financial markets, and China's weak growth momentum, he said. "We expect real interest rates to move in negative territory and keep monetary conditions sufficiently accommodative," he said, signalling that the BOJ will tolerate a moderate rise in government bond yields.
But with inflation exceeding its 2% target for more than a year, sources have told Reuters the BOJ likely has its eyes set to end its yield control policy and pull short-term rates out of negative territory next year.
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