Bank of Japan Governor Ueda:

  • Achieving 2% trend inflation can be defined as a state where economy, void of new shocks, can see inflation sustained around 2% and wage growth somewhat above that level
  • Would be difficult to choose which monetary policy tools to mobilise when exit from stimulus draws near

Wage growth above the CPI would be good news for Japanese workers, it'd be real wages growing, which has been rare in Japan.


USD/JPY has dipped as low as circa 146.70 in response to Ueda speaking.

Bank of Japan Governor Ueda 03 October 2023