BoJ Governor Ueda will not attend this week's Jackson Hole meeting, with Board Member Tamura to attend on Ueda's behalf

Governor absences at Jackson Hole have a history of signalling domestic workload rather than policy, and the market has typically treated them as noise unless the stand-in carries a distinct policy identity. Tamura is not a blank placeholder: on past occasions the member has been among the more openly hawkish voices on the board, publicly framing conditions under which rate rises become appropriate, so a substitution here carries slightly more informational content than a purely ceremonial stand-in would. The tell in episodes of this kind is whether the attending official uses the platform for prepared remarks or merely attends; governors who skip the symposium have generally done so when a domestic calendar item, such as parliamentary testimony or a board meeting, takes priority, and the absence itself has rarely repriced JPY or JGBs. What has moved markets historically is any speech or panel intervention from the substitute, since remarks delivered on foreign stages by known hawks have tended to lift front-end JGB yields and firm the yen when they lean into normalisation. The follow-ons are whether Tamura speaks formally at the symposium, and how the absence interacts with the BoJ's own meeting and data calendar. As an attendance note rather than a policy signal, the read is low conviction.