Bank of Japan Governor Ueda Kazuo said in an October 31 press conference that he will no longer use the expression that the central bank can afford time in determining the next interest rate increase as the economy moves toward stabilizing.

Ueda had previously emphasized a close watch of the United States economy and instability in the financial market, saying that they can “afford time” to make decisions regarding interest rates.

The BOJ governor announced at the press conference that risks such as the US economy have slowly decreased and that he will no longer phrase the need to take time to cautiously consider changes.

S/ Bank of Japan Governor, Ueda Kazuo/ If the current positive movement (in the US economy) continues, it will be treated as other regular risks. The phrase “afford time to observe” will no longer be necessary, and I have not used it today either.

He said the BOJ will determine whether to implement interest rate increases based on the economy and price of goods at the next policy meeting in December or later.

The yen temporarily rose around one yen during the press conference in reaction to Ueda’s remarks.