Bank of Japan Governor Ueda with more remarks:
- We need to have more conviction that wages will keep rising, rising wages lead to service prices and economy remains strong, to ponder exit from easy policy
Once again Ueda indicating that an exit from ultra easy monetary policy is anything but imminent. He does allow himself a wee hedge though:
- There will always be new information coming in, so at any meeting there is a chance of making a certain decision, when asked about chance of BOJ foreseeing inflation sustainably hit 2% target at next policy meeting in December
More
- Don't expect 10-year JGB yield to rise sharply above 1% even after last YCC tweak
And now he is muddying the water:
- If 2024, 2025 inflation forecasts are strong enough, we may be able to judge that sustained achievement of 2% target is in sight even if 2026 forecast is not available
- Hard to say chance of ending zero interest rates this year is zero
Earlier:
- BOJ Gov Ueda promises YCC, negative short term rates will be kept until 2% CPI sustained
- Bank of Japan Governor Ueda says its important to look at real rates
USD/JPY update:
