Deputy Governor of the Bank of Japan: The Bank of Japan will not raise interest rates if the market is unstable
Bank of Japan Deputy Governor Shinichi Uchida stated that if financial markets are unstable, the Bank of Japan will not raise policy interest rates. This was expressed by Uchida in his first public speech after the historic crash of the Japanese stock market, stating that recent market trends are "extremely unstable", and the central bank needs to temporarily maintain a loose monetary policy.
Uchida pointed out that authorities need to monitor any potential impact of market trends on prices and the overall economy, and Japan's interest rate trend may change according to this impact.
After Shinichi Uchida made these remarks, the yen quickly fell by 2%, while both Nikkei 225 Index and TOPIX rebounded more than 3%.
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