Bank of Japan Governor Kazuo Ueda has been hospitalized with an infected liver cyst, forcing him to miss what was shaping up to be one of the most consequential monetary policy meetings in years. The June 15-16 gathering, where markets had widely expected a rate hike to 1%, will now be chaired in key aspects by Deputy Governor Shinichi Uchida.
It is the first time a sitting BOJ governor has missed a scheduled policy meeting since 1998.
What happened and what comes next
Ueda, 74, was hospitalized on or around June 9. The BOJ expects him to remain in the hospital for approximately two weeks, which rules out his physical presence at next week’s meeting entirely.
The governor reportedly plans to work remotely during his recovery and intends to attend the subsequent policy meeting scheduled for July 30-31. Ueda had personally signaled in early June that he was ready to discuss rate hikes if inflation risks outweighed growth concerns.
