Quotes: New BOJ Governor nominee Ueda's comments at parliamentary hearing
TOKYO : Japan's lower house of parliament is conducting confirmation hearings on the government's nominee for the new central bank governor, Kazuo Ueda, on Friday.ON MONETARY POLICY AND INFLATION OUTLOOK
"Consumer inflation is likely to fall below 2 per cent in the latter half of the next fiscal year. It takes time for the effect of monetary policy to appear on the economy. It's standard practice to act preemptively to demand-driven inflation, but not respond immediately to supply-driven inflation. Otherwise, the BOJ will be cooling demand, worsening economy and pushing down prices by tightening monetary policy.
"With the BOJ's current policy, Japan is no longer in a state described as deflation. It's true there are various side-effects emerging from the stimulus. But the BOJ's current policy is a necessary, appropriate means to achieve 2 per cent inflation.""It is said that the effect of monetary policy takes half a year, or two to three years at the longest, to appear ... What's important in guaging the outlook is to look at trend inflation.
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