QUOTES — BOJ Governor Ueda's comments at news conference
Sept 18 (Reuters) — The Bank of Japan raised interest rates to a 31-year high on Friday and signalled its readiness to keep pushing up borrowing costs, joining other major central banks in fighting persistent inflation pressures driven by soaring oil costs. But the widely expected move failed to prop up the yen, which instead fell as investors focused on a lack of explicitly hawkish guidance and two dovish dissenters who argued for patience in pushing up borrowing costs. Following are excerpts from Governor Kazuo Ueda's comments at his post-meeting news conference, which was conducted in Japanese, as translated On Inflation: "Up till now, our short-term policy focus was to push up underlying inflation from levels below 2%. Now, underlying inflation is approaching 2%. If risks of underlying inflation overshooting 2% materialise, that could have a negative impact on Japan's economy. It's important to stabilise underlying inflation at 2%. Our policy phase has changed." (Reporting by Leika Kihara; Editing by Harikrishnan Nair) ((leika.kihara@thomsonreuters.com; +813-6441-1828; Reuters Messaging: leika.kihara.reuters.com@reuters.net )
Sept 18 (Reuters) — The Bank of Japan raised interest rates to a 31-year high on Friday and signalled its readiness to keep pushing up borrowing costs, joining other major central banks in fighting persistent inflation pressures driven by soaring oil costs. But the widely expected move failed to prop up the yen, which instead fell as investors focused on a lack of explicitly hawkish guidance and two dovish dissenters who argued for patience in pushing up borrowing costs.
Following are excerpts from Governor Kazuo Ueda's comments at his post-meeting news conference, which was conducted in Japanese, as translated On Inflation: "Up till now, our short-term policy focus was to push up underlying inflation from levels below 2%. Now, underlying inflation is approaching 2%. If risks of underlying inflation overshooting 2% materialise, that could have a negative impact on Japan's economy. It's important to stabilise underlying inflation at 2%.
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