MNI BRIEF: BOJ's Ueda Sees Upside, Downside Risks To Prices

Bank of Japan Governor Kazuo Ueda said on Wednesday that there is both upside and downside risks to prices as uncertainties due to the global economy and inflation driven by U.S. trade policies.

Ueda told lawmakers that the medium- to long-term CPI inflation, which the BOJ is focused on, is still slightly below the Bank's 2% target and that meeting its goal remains out of sight. The BOJ will not review the target, he added. 

Ueda declined to comment on whether he sees the need to change or abolish a joint statement between the government and the BOJ made in 2013.

He also said that the impact of high food prices on inflation will wane gradually but the medium- to long-term inflation view is likely to rise to 2% in the second half of the projection period.

Ueda said that he cannot predict how much rice prices will fall, but the year-on-year increase will decline, easing upward pressure on overall prices.