Bank of Japan Governor Kazuo Ueda said on Tuesday the central bank will patiently maintain its ultra-loose monetary as there is some distance to sustainably achieve its 2% inflation target, downplaying expectations for a policy change in the near-term.
"We expect inflation to quite clearly slow below 2%" toward the middle of the current fiscal year, Ueda told parliament.
Positive signs included a likely big increase in pay in this year's annual wage negotiations, which could help shake off Japan's deflationary mindset.
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