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作成日: 2023/12/28 06:30

更新日: 2025/12/08 19:40

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Bank of Japan Governor Ueda Kazuo says it will be possible for the central bank to judge whether to shift its monetary policy even before the outcome of wage negotiations for all smaller firms is out next year based on relevant data.
                
Ueda sat down with NHK for an exclusive interview at the central bank&#039;s head office in Tokyo on Tuesday. This is his first television interview since assuming the post in April.
                
The BOJ plans to shift its decade-old easy monetary policy once there is a prospect of achieving its price stability target of 2 percent, accompanied by wage increases.
                
Ueda said that in assessing whether a virtuous cycle between wages and prices has been achieved, he is closely watching next year&#039;s wage negotiations between management and labor and how developments in wage increases so far will be reflected in prices.
                
Managements of many large companies are expected to respond to labor union demands in mid-March. But it may take more time before the responses of small- and medium-sized firms are known.
                
Ueda said it will require substantial time before the data of all smaller firms will become available.
                
He said some may think the BOJ should wait for all the data before making a judgment, but he thinks it would be possible to judge in advance if other indicators of smaller firms are available such as robust profits.
                
As factors to support their good performance, he said if consumption and investments at the macro level are brisk, then that would likely create a virtuous cycle, so it will be possible to judge in advance to a certain extent.
                
Asked whether the day in mid-March when managements of major firms are scheduled to come up with their responses to wage negotiations will be crucial for making a policy judgment, Ueda said no single event will determine the BOJ&#039;s decision, but he plans to closely watch data at multiple important events, including on that day.

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