Naotaka Uchida: If the market is unstable, the Japanese Central Bank will not raise interest rates

On August 7th, Kin-san Data reported that the Deputy Governor of the Japan Central Bank, Shinichi Uchida, stated that if the financial market is unstable, the Japan Central Bank will not raise its policy interest rate. This is the first public speech by Uchida after the historic collapse of the Japanese stock market. He stated that the recent market trends are "extremely unstable", and that the Central Bank needs to maintain its loose monetary policy for the time being. Uchida pointed out that the authorities need to monitor any potential impact of market trends on prices and the overall economy, and the trend of Japanese interest rates may change according to these influences. After Uchida Shinichi made these remarks, the yen fell rapidly by 2%, and the Nikkei 225 and TOPIX rebounded by more than 3%.