Uncertainty over the world economy adds reasons for Bank of Japan Governor Kazuo Ueda to move slowly and cautiously.
Ueda will chair his first BOJ policy meeting on April 27 to 28, when the board will issue fresh quarterly growth and inflation forecasts that will come under scrutiny for signs on how soon the central bank projects inflation to sustainably hit its 2% target.the IMF’s stark warning of global recession risksAnd yet, analysts say Ueda’s remarks leave scope for changes to YCC, which has drawn criticism for distorting the shape of the JGB yield curve and crushing financial institutions’ margin.
That followed his remarks on April 10 that the BOJ must make “preemptive” decisions on the timing of normalizing policy, as waiting too long could make the adjustment disruptive. “Ueda and his deputies are taking care not to give any hint on the timing of a policy tweak,” said former BOJ official Nobuyasu Atago, currently an analyst at Ichiyoshi Securities.Supply shocks, trade-offs
IMF First Deputy Managing Director Gita Gopinath said the days when central banks could focus on demand, and assume that supply would be elastic and a given, may be over.
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