Ueda, Governor of the Bank of Japan: salary negotiations are not the only determinant of monetary policy

Read more about Bank of Japan Governor Ueda:

• Annual salary negotiations have been and always will be one of the important economic variables we consider in policymaking.

• We decide our policy taking into account not only salary negotiations, but also various other economic variables.
• We decided to change policy in March because the strong results from the wage talks came on top of some pretty strong numbers in other sectors of the economy.
• Whether we define policy with the same emphasis on the outcome of wage negotiations will depend on current conditions.
• It is difficult to say in advance how long the BoJ will have to wait to gather enough data and change its policy.
• We would like to leave some room for adjustment by not committing too far in advance to a certain policy.
• Our fundamental position is that we will look at developments in trend inflation to achieve our price target and take a data-driven approach to setting our policy.

Seems like I’m procrastinating a bit.

Earlier from Ueda:

• Bank of Japan Governor Ueda explains what inflation needs to do for a BoJ rate hike

USD/JPY is down a few pips on the session:

This article was written by Eamonn Sheridan at www.forexlive.com.

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