Bank of Japan Urges G-7 to Increase Interest Rates

Bank of Japan Governor Kazuo Ueda has warned the G-7 countries to raise interest rates for fear that the impact of past rises has not yet been fully revealed. At a news conference in Niigata, where Japan is currently hosting the G7 finance leaders meeting, Ueda, along with Finance Minister Shunichi Suzuki, says that while the Japanese economy is recovering, inflation, currently at over 3%, is set to slow down right in the middle of the fiscal year, which ends in March 2024. Ueda said that Japan is maintaining an extremely loose monetary policy to achieve the BOJ’s 2% inflation target in a sustainable and stable manner. His warning comes as many central bank governors expressed concern that the impact of past rate hikes has yet to be realized.

 

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