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“Japan’s inflation growth as measured by the consumer price index will slow to below 2% in fiscal 2023. It takes time for inflation to meet the 2% target in a sustainable and stable way.” Thus Kazuo Ueda, the economist appointed by the Japanese premier Fumio Kishida to the position of governor of the Bank of Japan BoJ, in place of the current outgoing president Haruhiko Kuroda, close to the expiry of the mandate (in April), in the hearing in the upper house of the Parliament. (House of Councillors).
Kazuo Ueda substantially repeated what he had reported last Friday to the lower house of Parliament. (House of Representatives).
Ueda added that “the Bank of Japan faces a difficult situation, regardless of who becomes its new governor”.