QUOTES: BOJ Governor Ueda's comments at news conference
(Reuters) — The Bank of Japan maintained ultra-low interest rates on Friday and a pledge to keep supporting the economy until inflation sustainably hits its 2% target, suggesting it was in no rush to phase out its massive stimulus programme.
Following are excerpts from BOJ Governor Kazuo Ueda's comments at his post-meeting news conference, which was conducted in Japanese, as translated by Reuters:
PRICE TARGET
«We have yet to foresee inflation stably and sustainably achieve our price target. That's why we must patiently maintain ultra-loose monetary policy. Having said that, we will of course shift policy if achievement of our target is foreseen. For now, the outlook for the economy and prices is extremely high.»
ON NEXT YEAR'S WAGE OUTLOOK
«Big firms' outcome will start streaming in around January-March, followed by other firms. We'll need to look at factors that affect the wage negotiations. That's something we will do at each policy meeting. We can't set a pre-set timing on when we can make a judgment.»
ON BALANCE OF RISK ON INFLATION
«There's downside and upside risks to inflation. We've been focusing on downside risks because of Japan's long period of deflation and low inflation. There was also the fact we could not push interest rates below zero. There's no change to our risk balance. If we do see the risk balance changing, we will disclose (markets) as appropriate.»
ON RECENT PRICE MOVES
«Since we published the July outlook report, inflation isn't overshooting sharply. But it's not slowing as much as we expected.»
«When we can foresee inflation stably and sustainably hitting 2%, we will consider ending YCC or revising negative interest rates.»
ON HIS COMMENT IN A RECENT INTERVIEW THAT HE COULDN'T RULE OUT THE
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