BoJ Governor Ueda says can not say how many months it would take to gauge timing of next rate hike, will look to see if underlying inflation has a clear upward risks
- Other six members were mindful of inflation upward risks but did not see the urgency for a rate hike
- Need to raise rates if current supply shocks have a secondary knock-on effect.
Context
Governor Ueda's comments suggest caution regarding the timing of the next rate hike in Japan, indicating that a clear signal from inflation is necessary before taking action. While there is awareness of inflation risks among BoJ members, the lack of urgency hints at a dovish stance, which likely keeps JPY under pressure and affects expectations for fixed income and commodities. Investors should watch market reactions as this implies the BoJ remains in a wait-and-see mode for now.
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