Bank of Japan policy board member Toyoaki Nakamura.
Earlier:
BOJ's Nakamura - says the Bank must patiently maintain powerful monetary easing
More:
- The gap between inflation in Japan and other economies is due largely to slow wage growth
- Japan must achieve 2% inflation in a sustainable, stable fashion
- Japan's economy is not yet in a state where it can achieve the BOJ's price goal in a sustained, stable fashion
- There appears to be a shift in long-held mindset in Japan that prices won't rise much
- Wage increases are broadening in japan reflecting pick-up in economy
- Winter bonus payment and next year's wage negotiation key to whether rise in wages will continue to rise next year and beyond
- There is a risk fears over resurgence in covid infection cases could weaken pent-up demand, delay recovery in inbound tourism
- If china re-expands covid curbs, that could prolong supply disruptions and hurt japan's exports, output and capex
- Fears are emerging in global markets on whether central banks can balance need to curb inflation, avert recession
- If such fears heighten sharply, that could tighten global financial conditions, trigger sharp slowdown in overseas economies
In his earlier remarks Nakamura indicated the Bank's huge easing efforts will remain unchanged. The comments above reinforce this view.
USD/JPY has dipped on the session:
