Bank of Japan Governor Kazuo Ueda is in the hospital with an infected liver cyst. Japan’s Finance Minister Satsuki Katayama wants everyone to know: the show goes on.
Katayama confirmed that the BOJ’s monetary policy meeting, scheduled for June 15-16, will proceed as planned despite Ueda’s absence. Deputy Governor Ryozo Himino will chair the session, while fellow Deputy Governor Shinichi Uchida will handle the post-meeting press conference.
This is the first time a BOJ governor has missed a policy meeting since the current framework was established in 1998. And the timing couldn’t be more loaded, given that markets had been pricing in a potential quarter-point rate hike that would push Japan’s benchmark rate to 1%.
What happened and why it matters
Ueda was hospitalized on June 10 for treatment of an infected liver cyst. He’s expected to recover in time for the next scheduled BOJ meeting on July 30-31.
