New BOJ head says banks stable, rules out major policy shift

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — The new governor of Japan’s central bank has signaled, once again, that he plans no drastic changes in its ultra-low interest rate policy. Bank of Japan Gov. Kazuo Ueda said Japan’s financial institutions are not facing the sorts of turmoil seen recently with bank failures in the U.S. and Europe. Ueda pledged to do his utmost to maintain stability in both prices and financial systems Monday.  Japan’s central bank is seeing its first leadership change in a decade, at a time when inflationary pressures around the world remain a risk and central banks are fighting back with big interest rate increases. Japan’s benchmark rate remains at minus 0.1%.