BOJ’s Tamura to attend Jackson Hole as Ueda’s absence draws market scrutiny

Bank of Japan board member Naoki Tamura will attend the Jackson Hole Symposium in Wyoming from Aug. 27 to 29 on behalf of Governor Kazuo Ueda, who will not attend. The BOJ has not disclosed the reason for Ueda’s absence, while no press opportunity is currently scheduled for Tamura. His participation is drawing attention because he is viewed as one of the central bank’s most hawkish policymakers and has argued that Japan’s policy rate should rise toward a nominal neutral rate of around 2%, with increases of 25 basis points every few months. Markets are watching for clues on whether the BOJ could raise rates as early as its September meeting, following staged policy tightening. Any comments from Tamura could affect the yen and Japanese government bond yields, although Ueda’s absence itself is not widely viewed as a policy signal.

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