Bank of Japan Governor Ueda says Japan's economy is recovering moderately
- capex rising moderately
- Japan's economy is likely to keep recovering moderately
- Japans' trend inflation likely to gradually accelerate toward 2% through fiscal 2025
- Must carefully watch impact of market moves, including fx, on economy, prices
- Will patiently maintain easy policy
- We cannot say yet with conviction our price target will be stably, sustainably met
- Important to scrutinise whether Japan sees positive wage-inflation cycle
- Will take some time but inflationary pressure driven by cost-push factors are likely to dissipate
- There is still high uncertainty on whether japan can see positive wage-inflation cycle
- Govt, BOJ share view on desirable direction on economy, inflation
Don't expect 10-year JGB yield to rise sharply above our 1% reference even if yields come under upward pressure
Bolding above is mine. Same old from Ueda.
