Bank of Japan Governor to Miss June Policy Meeting Due to Hospitalization
Kazuo Ueda has been admitted for treatment of an infected liver cyst and is expected to stay in hospital about two weeks. The central bank said he will miss the June 15-16 policy board meeting but will continue working remotely.
upi.comBank of Japan Governor Kazuo Ueda has been hospitalized for treatment of an infected liver cyst and will miss the central bank's monetary policy meeting scheduled for June 15-16, the BOJ said on Wednesday. Ueda, 74, is expected to remain in hospital for about two weeks. The central bank said he will work remotely during his hospitalization.
The two-day meeting will be chaired by Deputy Governor Ryozo Himino, while Deputy Governor Shinichi Uchida will hold the post-meeting news conference. This marks the first time a BOJ governor has missed a policy-setting meeting since the current framework began in 1998.
The BOJ's policy board is expected to decide on the short-term policy rate at the meeting. According to multiple reports citing market participants, the central bank is widely expected to raise the rate from 0.75 percent to 1.0 percent.
News on Japan noted that the move, if implemented, would represent the first time the BOJ's short-term rate has reached 1 percent since 2008. The outlet also reported that "the BOJ is poised to raise its policy rate to 1.0% as inflation risks mount," citing ongoing price pressures.
Economic Times reported that Japanese government bond yields rose ahead of the 30-year auction and the BOJ meeting, reflecting investor focus on the anticipated decision. No official BOJ statement confirming the rate decision was included in the source materials prior to the meeting.
The announcement follows an earlier update that Deputy Governor Uchida had been discharged from hospital after treatment for leukemia.
