BOJ board member Noguchi said only a possibility the 2% inflation target is in sight

<p>Bank of Japan policy board member Asahi Noguchi spoke over the weekend, with comments meant to convey there is no imminent policy pivot in sight:</p><ul><li>"It's true the impact of elevated global inflation is reaching Japan's economy with consumer inflation exceeding the BOJ's 2% target since the spring of 2022 </li><li>but the rise (in inflation) is mostly due to cost-push factors amid higher import prices," </li><li>To achieve our 2% inflation target, we must see price rises backed by sustained wage increases" </li><li>"While annual spring wage negotiations this year achieved wage hikes unseen in 30 years, we've only just reached a stage where the possibility of achieving our target has come into sight"</li></ul><p>Noguchi emphasised the same sorts of points made late last week by other officials dampening down expectations of any near-term change in policy:</p><ul><li><a href="https://www.forexlive.com/centralbank/bojs-nakamura-says-itll-be-some-time-before-easy-money-policy-is-changed-20231130/" target="_self">BOJ's Nakamura says it'll be some time before easy money policy is changed</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/bank-of-japans-adachi-denies-speculation-of-ending-negative-interest-rates-20231129/" target="_self">Bank of Japan's Adachi denies speculation of ending negative interest rates</a></li><li><a href="https://www.forexlive.com/centralbank/boj-official-says-yet-to-see-positive-wage-inflation-cycle-easy-policy-to-remain-20231129/" target="_self">BOJ official says yet to see positive wage-inflation cycle – easy policy to remain</a></li></ul><p>Prior to those above remarks last week was speculation in Japanerse media of a change coming:</p><ul><li><a href="https://www.forexlive.com/centralbank/japan-media-groundbreaking-for-the-end-of-boj-negative-interest-rates-has-finally-begun-20231127/" target="_blank" data-article-link="true">Japan media: Groundbreaking for the end of BOJ negative interest rates has finally begun</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.