- Food inflation has been increasing but due to temporary factors
- Expects food inflation rate to moderate
- On average, the board's confidence on achieving the outlook has increased
- Downside risks to US economy have subsided as compared to the July outlook
- But we still need more data until we decide to adjust degree of monetary easing
- Will have to monitor closely to see whether unexpected negative risks would appear
Ueda continues to temper with rate hike expectations here, very much erring on the side of caution. And that's keeping the yen under pressure as we look towards European trading ahead. USD/JPY is up 0.4% to 153.40 on the day currently.
