BoJ Governor Ueda (post-policy presser) says it will take a while before the full impact of tightening is seen across the economy, conditions remain accommodative after the December move

• Weak JPY could inflate import costs and be passed on to domestic prices.
• Long-term rates are rising somewhat rapidly.

BoJ Governor Ueda’s comments highlight that the effects of recent monetary tightening will take time to manifest, indicating a continued accommodative stance after December's adjustments. This suggests that while the JPY might remain weak, potentially pushing up import costs, the overall rate environment could influence inflation expectations and currency dynamics, affecting cross-asset implications such as USD/JPY, commodities, and fixed income. Traders should monitor how the market interprets these statements in light of ongoing inflationary pressures and rising long-term rates.