Bank of Japan Deputy Governor: Bank of Japan will not raise interest rates if market is unstable

Bank of Japan Deputy Governor Masayoshi Amamiya stated that the bank will not raise policy rates if the financial market is unstable. This is the first public speech by Amamiya since the historic collapse of the Japanese stock market, and he stated that the recent market trends are "extremely unstable" and the central bank needs to temporarily maintain loose monetary policy.Amamiya pointed out that authorities need to monitor any potential impact of market trends on prices and the overall economy, and the trend of Japanese rates may change depending on this impact. After Amamiya's remarks, the yen's decline rapidly expanded to 2%, and the Nikkei 225 and TOPIX indices rebounded by more than 3%.