[MARKET ANALYSIS] JPY ultimately weaker after BoJ Governor Ueda's press conference, as his commentary points us to April's price behaviour as the "factor to mull a rate hike"; which could be interpreted as implying a hike is at least three months away

• There was fleeting and modest strength on language around being attentive to small FX moves and that they will continue to raise rates, if the outlook is realised.
• JGBs benefited from Ueda saying that they will conduct nimble market operations to respond to irregular moves.

BoJ Governor Ueda's comments suggest that a rate hike is unlikely in the short term, with market participants interpreting his focus on April's price behavior as indicating a minimum three-month wait before any decision. This dovish tone contributed to a weaker JPY, despite initial strength from remarks about monitoring FX fluctuations. Overall, this implies the interest rate path is now more cautious, affecting sentiment in related assets like JGBs and commodities.