Bank of Japan Governor Kazuo Ueda has stated that the "excessive" concerns surrounding the U.S. economy, which contributed to market turmoil earlier this month, have now been corrected. According to Jinshi Data, Ueda highlighted that initial worries stemmed from weak economic indicators in the U.S., which sparked fears of an economic slowdown that rapidly spread throughout the markets.

Despite this correction, Ueda acknowledged that market stability remains fragile, emphasizing that authorities will continue to closely monitor market movements.

Ueda also addressed the Bank of Japan's recent policy decisions, noting that the decision to raise interest rates on July 31 was made in response to Japan's economic conditions aligning with expectations. He emphasized that the Bank's policy approach will be communicated cautiously to ensure market clarity.