According to TechFlow, Shinichi Uchida, deputy governor of the Bank of Japan, said that the Bank of Japan will not raise its policy interest rate if financial markets are unstable. This is Uchida's first public speech after the historic collapse of the Japanese stock market. He said that the recent market trend is "extremely unstable" and the central bank needs to maintain an accommodative 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 this impact. After Uchida Shinichi made this statement, the yen's decline quickly widened to 2%, and the Nikkei 225 Index and the Topix Index rebounded by more than 3%.
