Governor Ueda Misses Key BOJ Meeting Due to Health Issues

Bank of Japan Governor Kazuo Ueda is hospitalized for liver cyst treatment, missing the forthcoming policy meeting. Deputy Governor Ryozo Himino will lead in Ueda's absence, while Shinichi Uchida handles the press conference. Ueda is expected to return for the July meeting, as the BOJ considers a rate hike.

Bank of Japan Governor Kazuo Ueda has been hospitalized, causing him to miss the upcoming June 15-16 policy meeting, according to a central bank statement released on Wednesday.

In Ueda's absence, Deputy Governor Ryozo Himino will preside over the crucial rate review, while the other deputy governor, Shinichi Uchida, will oversee the post-meeting press conference. Ueda, 74, is expected to remain in the hospital for approximately two weeks due to an infected liver cyst but plans to participate remotely and attend the next policy meeting scheduled for July 30 to 31.

Amidst these developments, the Bank of Japan is anticipated to raise its short-term policy rate from 0.75% to 1% during the next week's session. This move would mark the highest borrowing costs seen in three decades. This announcement comes after Deputy Governor Uchida's recent recovery from leukemia, which saw him discharged from the hospital in late May.