MNI BRIEF: BOJ's Uchida Sees Strong JGB Stock Effect

Bank of Japan Deputy Governor Shinichi Uchida said on Friday that the BOJ’s large JGB holdings continue to have a strong easing effect.

Uchida told lawmakers that underlying inflation is moving toward the bank’s 2% price target and the Japanese economy is recovering moderately. 

The bank cannot guide the unsecured overnight call loan rate without imposing an interest rate on excess reserves, he added.

He did not mention the outlook for monetary policy.  

Uchida will speak to business leaders and hold a news conference in Shizuoka City on Wednesday.