BoJ's Ueda: Would like to leave some room for adjustment by not committing too much in advance to a given policy

He Governor of the Bank of Japan (BoJ), Kazuo Uedacommented this Tuesday on Japanese wage negotiations and their implication in central bank policy.

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Annual wage negotiations have been, and always will be, one of the important economic variables that we take into account when setting monetary policy.

We decide our policy taking into account not only salary negotiations, but also other economic variables.

We decided to change the policy in March because the good results of the wage negotiations were coupled with fairly strong readings in other sectors of the economy.

Whether we set policy with equal emphasis on the outcome of wage talks will depend on conditions at the time.

It is difficult to say in advance how long the BoJ should wait to gather enough data to change policy.

We would like to leave some room for adjustment without committing too much to a particular policy.

Our basic position is that we will look at movements in trend inflation to achieve our price target, and take a data-driven approach to setting policy..