The Bank of Japan decided to keep its interest rate unchanged on Friday. BOJ Governor Ueda Kazuo told reporters there will be more rate hikes to come. But he would not put a timetable on when that could happen.
Ueda said: “With interest rates remaining at extremely low levels, if the BOJ’s outlook for the economy and prices were to be realized, policy rates would be raised accordingly to adjust the degree of monetary easing.”
Ueda was asked whether these increases would come by the end of the year.
He said he will analyze the ongoing uncertainties surrounding overseas economies to see how they could affect the BOJ’s outlook. He added that he does not know how long this process will take.
Ueda said he is particularly interested in how the US economy fares, and whether it experiences a “soft landing” or not.