Ueda’s Speech Helps Cool Bets on BOJ Rate Hike in April

Bank of Japan Governor Kazuo Ueda kept his policy options open and cooled expectations of an interest rate hike later this month by signaling a more cautious stance on the impact of the US-Iran conflict.

“Looking ahead, developments in the Middle East remain uncertain and we will closely monitor them and their potential impact on economic activity, prices, and financial conditions,” Ueda said in a speech read by his deputy, Ryozo Himino, in Tokyo on Monday. The governor is in Washington this week for a series of meetings of global policymakers.