The yen's“one-sided declines” have reversed since August and significantly lowered the risk of an inflation overshoot by moderating the pace of rise in import prices, Ueda said. “We need to scrutinise market moves and overseas economic developments behind them in setting monetary policy. We can afford to spend time doing this,” he said.

Bank of Japan Governor Kazuo Ueda said on Tuesday the central bank will raise interest rates if trend inflation accelerates as projected, but will not do so with any pre-set schedule in mind.Speaking to business leaders in the western city of Osaka,

The Bank of Japan can afford to spend time scrutinising market and overseas economic developments in setting monetary policy, governor Kazuo Ueda said on Tuesday, suggesting that the central bank was in no rush to raise interest rates further.