ContextOpening remarks by Kazuo Ueda, Governor of the Bank of Japan, at the 2024 BOJ-IMES Conference "Price Dynamics and Monetary Policy Challenges: Lessons Learned and Going Forward", hosted by the Institute for Monetary and Economic Studies, Tokyo, 27 May 2024.
Why it mattersUeda reviews the long fight against zero inflation after ending most unusual easing.
Problems raised
Japan was stuck in a zero-inflation trap.
Large-scale easing lasted long.
Exiting needs care.
Solutions proposed
End most non-traditional easing.
Proceed cautiously.
Learn from other inflation-targeting central banks.
