The Bank of Japan will proceed cautiously with inflation-targeting frameworks, Gov. Kazuo Ueda said on Monday, noting that some challenges are "uniquely difficult" for Japan after years of ultraeasy monetary policy.
In an opening speech to a BOJ-hosted seminar in Tokyo on central banking, Ueda said Japan has "made progress in moving away from zero and lifting inflation expectations."
To achieve 2% inflation in a sustainable and stable manner, the BOJ "will proceed cautiously, as do other central banks with inflation-targeting frameworks," he said.
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