On the 2nd, Prime Minister Shigeru Ishiba met with Bank of Japan Governor Kazuo Ueda at the Prime Minister’s Office for the first time since taking office. After the meeting, the Prime Minister answered questions from reporters at the Prime Minister’s Office, saying regarding additional interest rate hikes, “In my personal view, I do not believe that we are in an environment for additional interest rate hikes,” and added, “I hope that the economy will continue to develop sustainably while maintaining an accommodative stance going forward.” The Prime Minister said, “The government and the Bank of Japan will continue to work closely together to ensure the best possible economy and finances.” They exchanged views on the current financial, economic, and price situation, and confirmed that the government and the Bank of Japan will continue to work closely together in the future. After the meeting, Governor Ueda told reporters, “If the economy and prices move in line with the Bank of Japan’s forecast, we will adjust the level of monetary easing. “I believe there is plenty of time to determine whether this is really the case, so I said I would look into it carefully.” “I also said that monetary policy is extremely accommodative and is providing solid support to the Japanese economy,” he said. “I had been hoping to have a forum for exchanging opinions since becoming prime minister, and today’s opportunity presented itself,” he said. When asked about the government’s cautious opinions regarding additional interest rate hikes, he explained, “The prime minister has not said anything specific about what he wants us to do regarding monetary policy.” There was no discussion about how to handle the joint statement on escaping deflation drawn up by the government and the Bank of Japan in 2013. Nikkei Shimbun, October 2, 2024, 17:09 (Updated October 2, 2024, 19:57).
“The Prime Minister didn’t say anything specific about what he wanted us to do regarding monetary policy.” This is the only truth lol If the LDP and Komeito have a majority, there will be an interest rate hike lol.
There were people complaining about Takaichi, but Ishiba is saying the same thing, talking about the independence of the Bank of Japan, and that it’s not an environment for raising interest rates.
Instead, monetary easing is needed. But doing so would lead to a weaker yen, further inflation, and a drop in consumption. Take-home pay hasn’t increased at all lol.
The market has already factored in the LDP-Komeito coalition losing its majority, and the Nikkei average is likely to fall below 30,000 yen by the end of the year.
>>20 Will the Nikkei rise? Overseas funds seem to have already shifted to China Hedge funds rush into Chinese stocks – Bullish investors say “There’s no need to select stocks” October 2, 2024 www.bloomberg.co.jp/news/articles/2024-10-02/skpaect1um0w00.
>>28 Will the Japanese market be boosted by Ishiba’s uncertain and shaky future? Are they cutting off the regions, selling off Japan, and concentrating investments, or even engaging in slave trade?
There will always be idiots who have a misconception about the independence of central banks. A mere official at the monetary authority is not allowed any independence in terms of goals, like an out-of-control military that arbitrarily pushes the Japanese economy into deflation. It’s important to keep the nail in place.
Ishiba: “So this is the truth about Abenomics. It’s impossible to raise interest rates like this.” Ueda: “Yes, Kuroda didn’t tell me anything either, so I researched it for a year and finally discovered the truth. Kuroda Haruhiko is a frightening man.”
No no no no no no no What people expect from you is to break away from Abenomics. What are they thinking? Will they go back to tackling rising prices after the election? I mean, wouldn’t it be to their advantage in the election to come up with a measure to combat rising prices by tightening monetary policy?
>>31 Under Kishida, stock prices were at historic highs, but his approval rating was at its lowest In fact, approval ratings are proportional to the value of the yen and inversely proportional to stock prices.
Of course, interest rate hikes will put a brake on wage increases. Wage increases for small and medium-sized businesses are still weak, so raising interest rates now would be foolish. I’m glad Ishiba has a good sense of economics.
I can only imagine the literacy of those who jump on the bandwagon of press club-invented terms like “exit,” “normalization of interest rates,” and “unprecedented monetary easing.”
>>57 It must have been really tough for him to have his stock prices fall Now he’s only making statements that essentially make it sound like he’s going to continue Abenomics lol He really was a man with no conviction Even though he criticized him so much.
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