Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday the central bank will end its yield curve control policy and then start shrinking its balance sheet, once prospects heighten for inflation to sustainably hit its 2% target.
Speaking in parliament, Ueda said Japan's economy was picking up and inflation expectations remain at high levels.
Ueda, however, warned of various uncertainties on the outlook such as whether recent strong wage growth will be sustained, and spread to smaller firms. Ueda has repeatedly ruled out an immediate interest rate hike on the view the recent rise in inflation was driven mostly by rising import costs, rather than strong domestic demand., the BOJ removed a policy guidance pledging to keep interest rates at "current or lower levels."
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