Bank of Japan Governor Kazuo Ueda hospitalized unexpectedly! June policy meeting may be chaired by Deputy Governor.

Bank of Japan Governor Kazuo Ueda has been hospitalized due to illness, but market expectations for a rate hike next week remain firm.

On June 10th, Bloomberg reported that Ueda was hospitalized due to a liver cyst infection, and is expected to undergo treatment for about two weeks. He will miss the monetary policy meeting on June 15-16. Deputy Governor Ryozo Himino will serve as acting chair, and another deputy governor, Shinichi Uchida, will be responsible for the press conference after the meeting. Ueda will express his policy stance through a written statement but will not participate in the vote. This is the first time since Ueda, 74, became governor in April 2023 that he has missed a policy meeting and been hospitalized.

Bloomberg’s survey shows that nearly all observers expect the Bank of Japan to raise its policy rate to 1%, a new high since 1995. Nobutake Minami, chief economist at Norinchukin Research Institute, stated that Ueda’s health issues "will not affect the execution of monetary policy," and the decision to raise rates is basically already set.

Since the last meeting, several committee members have made clear their support for further rate hikes, laying a solid collective foundation for this action. The Bank of Japan stated that Ueda is expected to attend the next policy meeting on July 30-31 after being discharged.

Market attention is shifting from the rate hike itself to forward guidance from Shinichi Uchida at the press conference. Minami pointed out, “Uchida is experienced, and the market’s focus will be on his hints about the timing and wording for the next action.” Notably, Deputy Governor Shinichi Uchida also has a history of hospitalization—he was treated for leukemia in November 2025, attended some meetings remotely, and was discharged last month.

Risk Warning and DisclaimerThe market has risks and investments need to be made cautiously. This article does not constitute personal investment advice and does not take into account individual users’ special investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Any investment based on this article is the user’s own responsibility.