Bank of Japan (BoJ) governor Kazuo Ueda repeated in an interview with NHK that the Japanese central bank aims for a virtuous cycle between wages and prices, with a gradual and sustained inflation of around 2%.
The official, however, noted that the risk of inflation accelerating well above the BoJ's 2% target is not high, so he is in no rush to unwind ultra-loose monetary policy.
The BoJ's chief also said that he does not think that the chance of a policy change in January is large but emphasised that the possibility of pulling interest rates out of negative territory next year is not zero.