Bank of Japan to hike rates in January despite (because of?) politics

ICYMI, from the Bank of Japan on Thursday:

• BOJ governor Ueda comments on phrasing of needing time to scrutinise market risks
• BOJ governor Ueda: Uncertainties surrounding Japan's economy, prices remain high
• BOJ governor Ueda: Will pay attention to upside risks to prices from weak yen
• BOJ governor Ueda: It is possible that unforeseen negative effects could emerge with more rate hikes

• Bank of Japan leaves rates unchanged, as widely expected

I posted this earlier on what's holding Ueda back:

• Bank of Japan Governor Ueda dropped a hint on what he sees as the main block to rate hikes

Wells Fargo don't think he'll be constrained for too long, not looking for a December hike though:

• an environment of gradually improving economic growth, inflation that is expected to remain around target in medium term, but some degree of political uncertainty
• WF project that the Bank of Japan will proceed with further rate hikes at a somewhat gradual pace
• WF remain comfortable with forecast for policy rate hikes by 25 bps at each of its January 2025 and April 2025 meetings,