The Bank of Japan can afford to spend time scrutinizing market and overseas economic developments in setting monetary policy, Gov. Kazuo Ueda said Tuesday, suggesting that the central bank is in no rush to raise interest rates further.
Ueda reiterated that the BOJ will raise interest rates if underlying inflation accelerates toward its 2% target as projected, a sign that there is no change to its stance to gradually push up borrowing costs from still near-zero levels.
But he warned of risks surrounding the outlook, such as volatile financial markets and uncertainty on whether the U.S. economy can achieve a soft landing.
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