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Bank of Japan (BOJ) Governor Kazuo Ueda cautioned on Wednesday that persistently high food prices could impact inflation expectations. Speaking to parliament, Ueda acknowledged that rising costs of fresh foods and daily essentials are straining households.
"We recognize that price hikes exceeding 2% on frequently purchased items negatively affect people's lives," he said, warning that food price inflation may not be temporary and could shape long-term price expectations.
Ueda reaffirmed that the BOJ will adjust interest rates based on economic, price, and financial conditions. The central bank, which ended its ultra-loose monetary policy in March and raised short-term rates to 0.25% in July, is closely monitoring inflation trends.
The BOJ also plans a mid-term review in June on its government bond tapering strategy, outlining a roadmap beyond April 2026. Ueda emphasized that bond tapering should be predictable yet flexible to maintain market stability. Last July, the BOJ announced plans to reduce monthly Japanese government bond purchases to 3 trillion yen by Q1 2026.
With inflation nearing the BOJ’s 2% target, policymakers remain cautious about the pace of monetary tightening. Ueda’s remarks suggest the central bank will tread carefully to balance economic growth and inflation control.
