Bank of Japan Governor Ueda expects tougher times for Japan's economy in 2024 and said:
- The situation remains difficult
- And it will get harder at the end of this year and into early 2024
- The Bank of Japan has not decided on the interest rate it will target once it ends its negative interest rate policy
- I have no specific idea how much to raise interest rates once you end negative interest rate policy
- Concessional financial conditions and stimulus support Japan's economy
- Uncertainty over Japan's economy is too high
- Closely monitor the impact of financial and forex markets on Japan's economy and prices
- We will patiently continue monetary easing under YCC to support economic activity and the wage growth cycle
- We are not yet in a position where we can achieve the price target with sustainable, stable and sufficient certainty
