Tokyo, Nov 18 (IANS) The Bank of Japan (BOJ) will continue incremental interest rate hikes to align with the nation’s economic and price improvements, its Governor Kazuo Ueda said on Monday.
Speaking at a financial meeting in Nagoya, Ueda emphasised that the timing of future rate hikes would depend on various factors, including global economic conditions, particularly developments in the United States, and domestic wage trends, reports Xinhua news agency, quoting Nikkei.
He noted a shift in Japan’s inflation drivers from import costs to domestic wage growth and highlighted October’s Tokyo consumer price index as evidence of this change.
Adjusting the interest rates would support sustainable economic growth and help achieve long-term inflation targets, he explained.
The BOJ ended its negative rate policy in March this year with the first rate hike in 17 years, followed by another increase in July. It kept its policy rate unchanged at September and October meetings.
Ueda also reiterated the need for flexibility in policy adjustments based on real-time economic data.
–IANS
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