BOJ chief says it is 'still taking time' to hit inflation goal
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Bank of Japan (BOJ) Governor Kazuo Ueda stated on October 23, 2024, that it is 'still taking time' to achieve the 2% inflation target sustainably; he emphasized the need for caution in raising interest rates, currently near zero; Ueda warned that slow rate increases could lead to speculative positions that may harm the yen; the BOJ ended negative rates in March 2024 and raised short-term rates to 0.25% in July 2024; underlying inflation in Japan has been around zero before 2022, rising due to global energy and food price increases; Ueda indicated the BOJ is expected to keep rates steady at the upcoming policy meeting, with most economists anticipating another rate hike by March 2025; he expressed concerns about determining the appropriate size and timing of future rate hikes.

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