BoJ Governor Ueda says G20 discussed impacts of Middle East on prices and on the global economy, adds many said the Middle East is an important factor and remains uncertain

Says:

• Supply shock-driven inflation is harder to tackle than demand-driven. 
• Rising oil prices put upward pressure on underlying inflation, but worsen Japan's terms of trade and weigh on the economy. 
• Monetary conditions remain highly accommodative and Japan's real interest rate is low. 
• BoJ will decide policy based on likelihood of forecast materialising and risk at each meeting.
• Declines to comment on falling market expectations for an April rate hike.