BOJ Chief Nominee Ueda Says Current Easing Policy "Appropriate"

Tokyo, Feb. 24 (Jiji Press)--Bank of Japan Governor nominee Kazuo Ueda on Friday said the central bank's current monetary policy is "appropriate," indicating a need for the BOJ to stick to its easing policy.

Ueda, economist and former BOJ Policy Board member, made the remark in a closely-watched address to the steering committee of the House of Representatives, the lower chamber of the Diet, Japan's parliament. He also answered questions at the committee meeting.

It was the first time for Ueda to speak in public since he was nominated by the government as the successor to current BOJ chief Haruhiko Kuroda.

Regarding the 2013 joint statement between the government and the BOJ that seeks to achieve 2 pct inflation, Ueda said, "I don't see the need to change the statement's language immediately."

"Despite various side effects, (the BOJ's current monetary policy) is necessary and appropriate for achieving the 2 pct inflation target," Ueda said.

[Copyright The Jiji Press, Ltd.]