G-7 central banks see need to weigh effects of past rate hikes, BOJ's Ueda says

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G-7 central banks see need to weigh effects of past rate hikes, BOJ's Ueda says
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Bank of Japan Governor Kazuo Ueda said many G-7 central banks wanted to guide future steps on this basis.

Several central bank governors from the Group of Seven nations appeared to feel the impact of previous interest rate hikes has yet to be fully reflected, according to Bank of Japan Governor Kazuo Ueda.Governor of the Bank of Japan Kazuo Ueda speaks during the presidency press conference at the G7 Finance Ministers and Central Bank Governors' Meeting in Niigata on May 13, 2023.

"Participants seemed to share the understanding that the effect of past interest rate hikes has yet to fully show on their economies and inflation, and could begin to appear more ahead," Ueda told a news conference after the gathering.Turning to Japan, Ueda said he told his G7 counterparts the economy was recovering, although consumer inflation, which now stands above 3%, will begin to slow toward the middle of the current fiscal year, which ends in March 2024.

"I told the G7 meeting that Japan is maintaining ultra-loose monetary policy to sustainably and stably achieve the BOJ's 2% inflation target," he said. Ueda and Finance Minister Shunichi Suzuki spoke at the news conference as Japan is the chair of this year's G7 finance leaders' gathering in Niigata, which concluded on Saturday.

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