BOJ Governor Ueda's Comments at News Conference

Bank of Japan Governor Kazuo Ueda speaks as he attends a press conference after its policy meeting in Tokyo, Japan, October 31, 2024. REUTERS/Kim Kyung-Hoon

(Reuters) - The Bank of Japan maintained ultra-low interest rates on Thursday and signalled the need to scrutinise global economic developments, highlighting its focus on risks to a fragile domestic recovery in deciding when to next tighten policy.

Following are excerpts from BOJ Governor Kazuo Ueda's comments at his post-meeting news conference, which was conducted in Japanese, as translated by Reuters:

NEXT RATE HIKE

"As for the timing of the next rate hike, we have not preset idea. We will scrutinise data available at the time at each policy meeting, and update our view on the economy and outlook, in deciding policy."

ON U.S. ECONOMY

"We have seen some positive U.S. data recently. But there is still uncertainty on how past rate hikes by the Fed affect the economy and prices. We need to monitor developments carefully.

"When we used language that we can 'afford to spend time' gauging risks, weak U.S. jobs data led to volatile market moves, which we saw as having a grave impact on Japan's economy, more so than other data.

"Since then, we have seen some fairly good U.S. data. We are still not completely confident about the U.S. outlook, which is why we added a line in the report's policy guidance.

"If U.S. developments continue to improve, this risk will subside to the level of other risks."



(Reporting by Leika Kihara; Editing by Subhranshu Sahu)