Central Banks

Japan’s Ishiba Rules Out BOJ Interest Rate Hikes for Now

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Shigeru Ishiba, right, and Kazuo Ueda in Tokyo on Oct. 2.Photographer: Masamine Kawaguchi/The Yomiuri Shimbun/AP Images

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By Toru Fujioka and Alice Atkins

October 2, 2024 at 9:23 AM UTC

Updated on

October 2, 2024 at 12:31 PM UTC

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Japan’s Prime Minister Shigeru Ishiba said the economy isn’t ready yet for further interest-rate hikes, in comments that jolted the yen.

“I don’t think the environment is ready for an additional rate hike,” Ishiba said Wednesday in unusually strong comments on monetary policy for a Japanese prime minister. “I told the governor that my hope is the economy will make progress in a sustainable manner toward the end of deflation with monetary easing trend in place,” he said, referring to Bank of Japan Governor Kazuo Ueda.