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- Bank of Japan Governor Kazuo Ueda said rising crude oil prices are creating upside risks to inflation and could spill over into a broader range of goods and services.
- The BOJ expects Japan’s economy to continue growing despite higher energy costs, supported by strong corporate profits, wage growth and AI-related demand.
- Ueda indicated the central bank remains prepared to continue raising interest rates if inflation pressures prove more persistent than expected.
June 9, 2026 – via CurrencyNewsWire — Bank of Japan Governor Kazuo Ueda said rising crude oil prices and ongoing tensions in the Middle East are increasing inflation risks for Japan, raising the possibility that price pressures could spread beyond energy and become more deeply embedded in the economy. Speaking at the Kisaragi-kai meeting in Tokyo, Ueda noted that Japan’s wage- and price-setting environment has changed significantly in recent years, making broader inflation pass-through more likely than during previous commodity-price shock
“Crude oil is widely used as a raw material in various industries … a rise in crude oil prices will push up the prices not only of energy, but also prices in general.” Kazuo Ueda, Governor, Bank of Japan
The BOJ’s baseline outlook calls for moderate economic growth despite the drag from higher fuel costs, with strong corporate profits, steady wage gains and growing AI-related demand helping offset some of the pressure on households and businesses. The central bank expects underlying inflation to gradually move toward its 2% target between the second half of fiscal 2026 and fiscal 2027.
Ueda emphasized that policymakers must remain vigilant against the risk that inflation could move materially above target. He reiterated that the BOJ’s current policy framework anticipates additional rate increases as economic and inflation conditions evolve, adding that the central bank will continue evaluating whether upside inflation risks outweigh downside risks to growth.
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