Bank of Japan Governor Kazuo Ueda said price growth remains slower than the central bank’s goal, explaining why officials are continuing with their current monetary-policy strategy.
“We think underlying inflation is still a bit below our target of 2%,” Ueda said during a panel discussion Saturday at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming. “This is why we are sticking to our current monetary easing framework.”
Toward the end of a roughly 20-minute talk, Ueda also called China’s recent economic slowdown a “disappointment.” He cited relative strength in the US economy as providing “some offset” to Japan. He spoke a day after Fed Chair Jerome Powell sent the yen down against the dollar by indicating US interest rates are likely to stay elevated and may rise further.
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