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MARRAKECH, Morroco : Bank of Japan Governor Kazuo Ueda said on Thursday the conflict in the Middle East added to already high uncertainty over the global economic outlook, which has made it difficult for the central bank to navigate monetary policy.
But he said the fallout has not broadened enough to force a major review to the BOJ’s view on the global economic outlook.
“Developments in Ukraine has heightened uncertainty over the global economic outlook, thereby making it difficult to navigate monetary policy,” Ueda told a news conference.
“The latest developments in the Middle East add to this uncertainty. But (the impact) has not increased enough to alter our view on the global economic outlook,” he said.
Ueda made the comments after attending the Group of Seven (G7) finance leaders’ gathering, held on the sidelines of the International Monetary Fund and World Bank meetings in Marrakech.
The BOJ’s view on the global economic outlook is crucial to its decision on how soon it could phase out its massive stimulus programme, as the strength of world demand has a huge impact on Japan’s export-reliant economy.
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