Possibility of BoJ Rate Hike... Governor Ueda Says "Possible Depending on Circumstances"
Next Month's Meeting to Preview Related Discussions
Kazuo Ueda, Governor of the Bank of Japan, Japan's central bank, announced on the 18th that there is a possibility of raising the benchmark interest rate next month.
According to NHK and other Japanese foreign media, Governor Ueda appeared before the House of Councillors (Upper House) Committee on Financial Affairs on the same day and said, "It depends on the economic, price, and financial situation data available until the next Monetary Policy Meeting, but depending on the circumstances, the policy interest rate (benchmark interest rate) may be raised."
The Bank of Japan raised the benchmark interest rate from -0.1% in March, ending the negative interest rate policy after 17 years. Since then, it has not raised the benchmark interest rate and decided to keep the benchmark interest rate at the 0 to 0.1% level this month as well.
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However, recently, as prices have risen due to the weak yen, there have been calls to raise the benchmark interest rate. The Bank of Japan's next Monetary Policy Meeting will be held on the 30th to 31st of next month.
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