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Kazuo Ueda

  1. BOJ Governor Ueda: underlying inflation 'quite close' to 2% target

    Bank of Japan Governor Kazuo Ueda told the Diet on Oct 19 that underlying inflation is already 'quite close' to the bank's 2% goal, with strong global AI demand adding price pressure beyond a tight labour market. He said Middle East conflict had raised commodity costs, while a tight labour market and mild recovery brought demand-pull price pressure, and 'very strong global AI demand' was lifting capital spending and exports and thus many goods prices. He also said raising rates at an appropriate pace would help avoid a spike in bond yields. The bank holds a policy meeting later this month and will publish new growth and inflation forecasts.

    Oct 19, 2026 Afternoon