Bank of Japan Governor Kazuo Ueda gestures as he speaks during a press conference after a policy meeting at BOJ headquarters, in Tokyo, Japan March 19, 2024. REUTERS/Kim Kyung-Hoon
The BOJ ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from decades of massive monetary stimulus that was aimed at reviving the economy and quashing deflation. "We could have waited until inflation is completely at 2 per cent for a long period of time. But if we did so, it's unclear whether inflation would have stayed at 2 per cent. We might have seen a sharp increase in upside price risks," Ueda replied.
While cost-push pressures on inflation from past rises in raw material prices were easing, service-related prices continued to increase gradually, Ueda said.
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