Japan Finance Minister: Expect BOJ to pursue inflation target with appropriate policies

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023.

Suzuki, speaking at a regular news conference, declined to comment on remarks by BOJ Governor Kazuo Ueda made in a media interview on the weekend that had hinted at a gradual move away from negative interest rates and ultra-loose monetary policy.

Japanese long-term rates spiked on Monday to their highest in nine years and eight months on expectation that the BOJ could shift away from its negative rate policy, following Ueda's remarks in an interview with the Yomiuri Shimbun. The yen also rose sharply against the dollar on Monday after Ueda said on Saturday the central bank could end its negative interest rate policy when achievement of its 2% inflation target is in sight, signaling possible interest rate hikes.

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