The next BoJ governor defends his ultra-loose monetary policy

By: News Team

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The next BoJ governor defends his ultra-loose monetary policy

Economist and academic Kazuo Ueda, who will become the next governor of the Bank of Japan (Boj) on April 9, said today that the current monetary policy of the entity is “appropriate” in the current economic context of the country.

In his first appearance before parliament in view of the approval of his appointment, Ueda acknowledged the pressure that the rise in inflation is exerting on the Japanese economy, above 4% in recent months in the face of the global increase in energy and raw materials, but defended the current ultra-lax measures of the BoJ to avoid a recession linked to its tightening.

“I consider that the current policy of the BoJ is appropriate,” said Ueda, who believes that the current measures are necessary to ensure that inflation is “sustainable and stable” around 2%, along with a wage increase, although he acknowledged that for this “time is still needed”.

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