BOJ Governor Ueda says underlying inflation 'quite close' to 2% target

What happened: BOJ Governor Kazuo Ueda told parliament that underlying inflation is "quite close" to the central bank's 2 per cent target, and said anchoring inflation around that level is increasingly important. Key numbers: 2 per cent inflation target; remarks made on Monday, Oct 19. Why it matters: Ueda said "very strong" global AI demand is boosting domestic capital expenditure and exports, adding to inflationary pressure from Japan's moderate recovery and tight job market.

BOJ Governor Kazuo Ueda told parliament that underlying inflation is "quite close" to the central bank's 2 per cent target, and said anchoring inflation around that level is increasingly important.

Ueda said "very strong" global AI demand is boosting domestic capital expenditure and exports, adding to inflationary pressure from Japan's moderate recovery and tight job market.