The Bank of Japan needs to keep raising interest rates in response to developments in the economy and inflation, Gov. Kazuo Ueda said in his final scheduled speaking event ahead of a closely watched policy meeting.
Should the economy evolve in line with the BOJ¡¯s forecasts, which see the Mideast turmoil calming and inflation reaching its 2% target, ¡°I think the bank will continue to raise the policy interest rate at an appropriate pace,¡± Ueda said Wednesday in a speech at a forum in Tokyo.
¡°Based on the data and anecdotal information available thus far, the upside risks to prices appear to be greater overall and are likely to emerge sooner,¡± he said.
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