Ueda cites upside, downside risks as he avoids clear hints ahead of BOJ meet

Kazuo Ueda speaks during a news conference in Washington on Thursday
By Erica Yokoyama and Toru Fujioka
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Kazuo Ueda stressed the challenges for policymakers as they cope with upside risks to prices and downside risks to the economy stemming from the Middle East conflict, avoiding a clear signal on rates ahead of the bank’s policy decision this month.“The current situation involves a significant shock from rising energy prices
This creates both upside risks to prices and, at the same time, downside risks to the economy,” Ueda told reporters in Washington after he attended a meeting of Group of 20 finance chiefs and central bankers Thursday
“That is why policy responses are very difficult
It is not easy to give a general answer.”The governor walked a fine line as he avoided boxing himself in on policy in what may have been his last chance to send signals to the market before the board’s April 28 rate decision
In addition to deciding the benchmark rate, the board will release updated forecasts that are expected to bump the inflation outlook higher
The growth forecast may be trimmed.

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