Bank of Japan Governor Kazuo Ueda said on Monday the central bank's inflation forecasts must be 'quite strong and close to 2%' in the coming year to consider tweaking yield curve control.
Bank of Japan Governor Kazuo Ueda participates in a news conference at the Fairmont Washington D.C. Georgetown hotel in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File PhotoBOJ may discuss idea of disclosing exit strategy in advanceUeda to chair 1st BOJ policy meeting, decision due Friday
"At present, trend inflation is below 2% so we must maintain monetary easing," Ueda told parliament. "But when trend inflation is projected to reach 2%, the BOJ must normalise monetary policy," he added. "The BOJ's forecasts of trend inflation for half a year, one year and one-and-a-half years ahead must be quite strong and close to 2%. We also need to judge that the likelihood of the forecasts materialising is high," Ueda said when asked by an opposition lawmaker to clarify the conditions for tweaking yield curve control.
Ueda declined to specify how the BOJ might phase out YCC, saying that would depend on the economy, the pace of inflation and many other factors at the time.But Ueda said he will consider the idea of disclosing in advance the BOJ's exit strategy from ultra-loose policy, when the right timing to do so arrives.
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