BOJ Governor Ueda's Economy Assessment: Recovering Yet Shows Weakness
Bank of Japan Governor Kazuo Ueda noted on Tuesday that while the economy is in a recovery phase, there are also signs of weakness, especially in recent consumption data. This assessment, slightly less upbeat than January's, precedes the central bank's policy meeting, where discussions will focus on the potential withdrawal of its large-scale monetary support.
Ueda highlighted weakening consumption in essentials due to higher prices but mentioned moderate improvements in household spending, driven by expectations of higher wages. He emphasized the need to monitor data comprehensively for appropriate monetary policy decisions, including potential shifts in negative interest rates.
Despite positive developments like wage hikes and robust business investments, Japan is not yet out of deflation, according to Finance Minister Shunichi Suzuki. The economy narrowly escaped a recession in the last quarter of 2023, mainly due to subdued consumption.
Expectations are high for the BOJ to reconsider its negative rate policy by April, especially with inflation above target and strong indications of significant wage increases this year. Policymakers are closely watching ongoing wage negotiations, anticipating substantial pay raises that could influence monetary policy decisions.
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