Bank of Japan Governor "Financial normalization just begins"

Kazuo Ueda, the governor of the Bank of Japan, the central bank of Japan, said his country's financial normalization has just begun.

The Nihon Keizai Shimbun said Ueda, who is visiting the U.S. to attend a meeting of G20 finance ministers and central bank governors, made the comments during a meeting in Washington, DC.

Financial normalization means breaking away from large-scale monetary easing policies that keep interest rates at very low levels.

Earlier, the Bank of Japan raised its key interest rate in March this year to end its negative interest rate policy, before raising the rate to around 0.25% in July from 0-0.1%.Governor

Ueda predicted that it will still take some time to steadily achieve the 2% inflation rate targeted by the Bank of Japan.