BoJ’s Ueda: Cannot say with conviction that inflation will hit 2% sustainably

Bank of Japan (BoJ) Governor Kazuo Ueda continued to dismiss expectations of Japan sustainably achieving the 2% price target.

Additional quotes

Japan economy is recovering moderately.

The output gap has narrowed to near zero.

Some positive signs seen in wages and inflation.

But there is still high uncertainty on whether this cycle can strengthen further.

Nov 27, 2023

Bailey speech: Bringing inflation down to 2% will be hard work

In an interview with Chroniclelive on Monday, Bank of England (BoE) Governor Andrew Bailey said that “bringing inflation down to 2% will be hard work.” “A lot of inflation's recent decline is due to the unwinding of energy cost surge,” Bailey added.

USD Index extends the decline and approaches 103.00

The USD Index (DXY), which tracks the greenback vs. a basket of its main rival currencies, faces extra selling pressure and drops to the area of three-month lows near 103.00.