Bank of Japan Deputy Governor Shinichi Uchida spoke earlier. Posts are here:
- Bank of Japan deputy governor Uchida: Japan’s economy has recovered moderately
- More from Bank of Japan Deputy Governor Uchida
- More again from Bank of Japan Deputy Governor Uchida - CPI to dip then rise
Uchida's comments were extensive (three posts on them!), but in a very breif summary if you don't want to scan all of them:
Uchida warned that economic and inflation risks are tilted to the downside due to “extremely high” uncertainty surrounding global trade policy, particularly U.S. actions. While the BoJ will continue raising interest rates if its economic projections hold, Uchida stressed the bank will reassess without bias given the unclear outlook.
He noted that if progress is made in U.S. trade talks, Japanese firms could see stronger profits and wage growth. However, if tariff impacts are more severe or prolonged than expected, the recent trend of wage hikes may falter. Uchida emphasized the need for flexible monetary policy to balance these risks and preserve economic stability.
It appears Uchida didn't have details the trade deal announced earlier, in brief:
- 15% reciprocal
- 15% auto tariffs
- metal tariffs will stay at 50%
- no details on coming semi & electronics tariffs
- Japan won't cut tariffs nor "sacrifice agriculture"
- will adjust rules to increase rice imports
For more on the deal:
- Trump reckons he has completed a 'massive deal' with Japan
- Trump says hes not lying this time, Japan deal is a 'lot different' from deals in the past
