Bank of Japan Governor Kazuo Ueda stated that the central bank wants to "patiently" maintain its ultra-loose monetary policy as it will take time for inflation to reach its 2% target.
"Trend inflation is likely to gradually accelerate toward our 2% inflation target through fiscal 2025. But this needs to be accompanied by a positive wage-inflation cycle. Uncertainty on whether Japan will see such positive wage-inflation cycle is high," Ueda stressed in a speech to Japanese lawmakers.
The Bank of Japan governor added that the country's economy is likely to continue recovering moderately.
