Bank of Japan Deputy Governor: If the market is unstable, the Bank of Japan will not raise interest rates

The Bank of Japan will not raise policy rates if the financial marekt is unstable, said Shinichi Uchida, deputy governor of the Bank of Japan. In his first public remarks since the historic collapse of the Japanese stock market, Uchida said that recent market movements have been "extremely unstable" and that the central bank needs to maintain loose monetary policy for the time being. Uchida pointed out that the authorities need to monitor any potential impact of market movements on prices and the broader economy, and the trend of Japanese interest rates may change according to this impact. After Uchida's remarks, the yen fell rapidly to 2%, and the Nikkei 225 and Topix rebounded more than 3%.