The Japanese Consumer Price Index (CPI) recorded a growth of about 4.2% in January, according to figures announced by the Japanese government this morning, Friday, February 24 in the early hours, compared to 4% in December and less than expectations, which indicated a rise to 4.3%, to record the highest inflation reading since 1981.

On the other hand, Ueda, the candidate to succeed the Governor of the Bank of Japan in April, indicated in a hearing in Parliament regarding the process of approving his appointment that the Japanese Central Bank will continue the current stimulus process, but will stop buying intensive bonds if it reaches the inflation target of 2%, which is expected to take time before reaching it.

Since the beginning of the week, investors have been anticipating Ueda’s first statements after his nomination to read his expectations or any hints regarding monetary policy in the coming period, but the statements were disappointing after he showed that he would not be in a hurry to change monetary policy and would continue for a longer period of expectations in the stimulus policy of his successor Kuroda. .

Ueda indicated that the level of control of the yield curve is expected to be adjusted if the need arises, but the appropriate time must be determined, stressing that the recent rise in inflation is driven by the high costs of importing raw materials and not strong demand.

The Japanese yen rose by about 60 points against the US dollar after the inflation numbers, to test 134.10 levels, before it retreated and is now trading at 134.57 levels, as it was not affected by Ueda’s statements, which did not bring anything new.