G-7 reserve banks see requirement to weigh impacts of previous rate walkings, BOJ’s Ueda states

G-7 central banks see need to weigh effects of past rate hikes, BOJ's Ueda says

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Governor of the Bank of Japan Kazuo Ueda speaks throughout the presidency interview at the G7 Finance Ministers and Central Bank Governors’ Meeting in Niigata on May 13, 2023.

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Many reserve bank guvs from the Group of Seven (G-7) abundant countries appeared to feel the effect of previous rates of interest walkings has yet to reveal completely as they seek to direct future financial policy, Bank of Japan Governor Kazuo Ueda stated on Saturday.

“Participants seemed to share the understanding that the effect of past interest rate hikes has yet to fully show on their economies and inflation, and could begin to appear more ahead,” Ueda informed a press conference after the event.

“Many said they wanted to guide monetary policy, taking that point in mind,” he included.

Turning to Japan, Ueda stated he informed his G7 equivalents the economy was recuperating, although customer inflation, which now stands above 3%, will start to slow towards the middle of the existing , which ends in March 2024.

“I told the G7 meeting that Japan is maintaining ultra-loose monetary policy to sustainably and stably achieve the BOJ’s 2% inflation target,” he stated.

Ueda and Finance Minister Shunichi Suzuki spoke at the press conference as Japan is the chair of this year’s G7 financing leaders’ event in Niigata, which concluded onSaturday