BOJ's Policy Board Becoming More Concerned About Effects of a Weaker Yen

Dow Jones05-09

By Megumi Fujikawa

TOKYO--The Bank of Japan's policy board is becoming more concerned about upside risks to its inflation outlook amid the yen's sharp weakening which leads to higher import prices, according to a summary of opinions from its latest April meeting released Thursday.

"While the yen's depreciation is likely to push down the economy in the short run through price rises driven by cost-push factors, it could push up underlying inflation in the medium to long run" through increases in inbound spending and domestic production, one of the nine policy board members said at the meeting held on April 25 and 26.

The central bank maintained its target for the overnight call rate in the 0% to 0.1% range at its April meeting following its decision to end negative interest rates in March.

The summary quoted one member as saying the central bank could speed up the pace of rate increases if underlying inflation grows faster than its projections due to a weak yen.

The BOJ's summary of opinions doesn't identify individual speakers.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

(END) Dow Jones Newswires

May 08, 2024 20:21 ET (00:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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