BOJ must maintain monetary support, says governor Ueda

Kazuo Ueda, governor of the Bank of Japan (BOJ), attends a news conference at the central bank's headquarters in Tokyo, Japan, on Friday, Jan. 24, 2025. Photographer: Akio Kon/Bloomberg

TOKYO: Bank of Japan Governor Kazuo Ueda said on Friday the central bank must maintain loose monetary policy to ensure underlying inflation gradually accelerates toward its 2% target.

While consumer inflation has moved above the BOJ's 2% target recently, the increase was driven mostly by cost-push factors such as rising food and fuel prices that will likely dissipate later this year, he told parliament.