BoJ's Masu says he does not think the BoJ is behind the curve and need to monitor the impact of FX on inflation

• Timing of rate hikes to neutral is not predetermined.
• Not suggesting food price moves need immediate action.
• Watching food inflation beyond rice prices.
• Policy should be carefully guided to keep underlying inflation around 2%.
• True that Japan's negative real interest rate is likely behind rises in property prices.
• Past pace of rate hikes will not be any guide to the future pace of hikes.

The BoJ's Masu indicates a cautious stance, suggesting that while current policies remain appropriate, there's an ongoing assessment of FX impacts on inflation. His comments imply no immediate need for action, which may contribute to the stability of the JPY but could carry implications for inflation expectations and bond markets, indicating a potentially patient approach to future rate hikes.