Japan's new central bank Governor Kazuo Ueda gave a clear message to policymakers gathered for global finance meetings here over the last week: The country will remain a dovish outlier by keeping interest rates ultra-low - at least for now.
Since taking the helm a week ago, Ueda has dropped some hints the massive stimulus of his dovish predecessor Haruhiko Kuroda will eventually be phased out.
Japan's inflation, now around 3%, will slow back below the BOJ's 2% target later this year on falling import costs, Ueda told Thursday's bigger gathering of ministers from the Group of 20, in explaining his plan to keep monetary policy ultra-loose for now. The 10-year yield is currently a shade below the cap at 0.47%, but on repeated occasions earlier this year traders drove it above 0.5%, pressing the BOJ to defend the mark.
"We'll discuss all options at each of our policy meetings," Ueda said on Monday, when asked about the chance of adjusting the BOJ's guidance committing to keep interest rates ultra-low. "We're in an economy where we're going to be hit more by supply shocks, and monetary policy will face more serious trade-offs," she said on Friday.
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Analysis: New BOJ head's message to world: We're staying the course - for nowJapan's new central bank Governor Kazuo Ueda gave a clear message to policymakers gathered for global finance meetings here over the last week: The country will remain a dovish outlier by keeping interest rates ultra-low - at least for now.
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