Bank of Japan Governor Kazuo Ueda reiterated on Tuesday that the central bank will keep raising its policy rate gradually and adjust the degree of monetary easing in line with developments in economic activity, prices and financial conditions. He said the BOJ would decide on the timing and pace of any adjustment after assessing risks and the likelihood that its baseline economic and inflation scenario will be realized. His remarks came as economists broadly expect the BOJ to leave policy unchanged at its next meeting, which ends on Oct. 30. The comments largely reaffirmed the bank’s existing policy stance and economic assessment, suggesting Ueda saw no need to push back against current market expectations while still leaving room for a rate increase after October. Overnight index swap pricing showed investors assigning roughly a 12% chance of a rate hike this month. When the December meeting is included, that probability rises to about 90%, according to the report cited by Odaily from Sina Finance.
Bank of Japan Governor Kazuo Ueda said on Tuesday that the central bank will continue to raise its policy rate gradually and adjust the degree of monetary easing based on developments in economic activity, prices and financial conditions.
"We will consider the timing and pace of adjustments after assessing risks and the likelihood that the baseline economic and price scenario will be realized," Ueda said.
His remarks came as economists broadly expect the BOJ to keep policy unchanged at its next policy meeting, which concludes on Oct. 30.
According to the report, Ueda’s latest comments reiterated the BOJ’s policy stance and economic assessment, indicating that he did not see a need to counter the market’s current expectations while still leaving room for a rate increase after October.
Overnight index swap pricing showed investors see roughly a 12% chance of a BOJ rate hike this month. Factoring in the December meeting lifts that probability to about 90%.
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