(Adds quotes on G7 central bank debate; paragraphs 2,3,5)
By Leika Kihara
NIIGATA, Japan, May 13 (Reuters) - Many central bank
governors from the Group of Seven (G7) rich nations appeared to
feel the impact of past interest rate hikes has yet to show
fully as they look to guide future monetary policy, Bank of
Japan Governor Kazuo Ueda said on Saturday.
"Participants seemed to share the understanding that the
effect of past interest rate hikes has yet to fully show on
their economies and inflation, and could begin to appear more
ahead," Ueda told a news conference after the gathering.
"Many said they wanted to guide monetary policy, taking that
point in mind," he added.
Turning to Japan, Ueda said he told his G7 counterparts the
economy was recovering, although consumer inflation, which now
stands above 3%, will begin to slow toward the middle of the
current fiscal year, which ends in March 2024.
"I told the G7 meeting that Japan is maintaining ultra-loose
monetary policy to sustainably and stably achieve the BOJ's 2%
inflation target," he said.
Ueda and Finance Minister Shunichi Suzuki spoke at the news
conference as Japan is the chair of this year's G7 finance
leaders' gathering in Niigata, which concluded on Saturday.
(Reporting by Leika Kihara; Editing by Clarence Fernandez)
Messaging: leika.kihara.reuters.com@reuters.net))
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