BOJ's Ueda says Japan could do well with AI replacing labor, given existing shortages
On November 6, the Governor of the Bank of Japan, Kazuo Ueda, stated during an International Monetary Fund event that Japan could potentially benefit from the rapid advancements in artificial intelligence (AI) technology. Ueda noted that AI could replace labor in certain sectors, addressing the country's significant labor shortages.
However, he also emphasized the need to study supply side factors to fully understand the impact of AI on the economy. Ueda voiced concerns about potential cyber risks to financial stability due to AI, acknowledging that some small banks and firms have not adequately prepared to mitigate such risks.
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