Bank of Japan Governor Kazuo Ueda speaks during the president’s press conference at the G7 Finance Ministers and Central Bank Governors Meeting in Niigata on May 13, 2023.
Shuji Kajiyama | afp | beautiful pictures
Many central bank governors from the wealthy Group of Seven (G-7) nations seem to feel the impact of past interest rate hikes has not yet fully materialized as they seek to orient themselves. future monetary policy, Bank of Japan Governor Kazuo Ueda said on Saturday.
“Participants seem to share the understanding that the impact of previous rate hikes has yet to fully manifest on their economies and inflation, and may begin to emerge more in the United States.” forward,” Ueda said in a press conference after the meeting.
“Many people say they want to guide monetary policy, keep that in mind,” he added.
Turning to Japan, Ueda said he has told his G7 partners that the economy is recovering, although consumer inflation, currently above 3%, will start to slow by the middle of the current financial year. , ending March 2024.
“I told the G7 meeting that Japan is maintaining extremely loose monetary policy to achieve the BOJ’s 2% inflation target in a sustainable and stable manner,” he said.
Ueda and Finance Minister Shunichi Suzuki spoke at the press conference as Japan chaired this year’s G7 financial leaders meeting in Niigata, which ends on Saturday.
