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7:45 AM · 31 October 2023

BoJ Ueda conference - key comments

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The conference call with Chairman Ueda on today's BoJ decision has just begun. Here are the most important comments made by the BoJ Chairman:

  • JAPAN'S ECONOMY IS RECOVERING AT A MODERATE PACE.
  • I EXPECT INFLATION TO SLOW DOWN IN 2025.
  • WILL PATIENTLY CONTINUE MONETARY EASING, OPTING FOR NEW MEASURES
  • WE ARE TO CAREFULLY MONITOR IF A WAGE-PRICE CYCLE TAKES HOLD.
  • IT'S APPROPRIATE TO IMPROVE THE FLEXIBILITY OF YCC.
  • WON'T HESITATE TO TAKE ADDITIONAL EASING MEASURES IF NECESSARY.
  • TODAY'S DECISION WAS AIMED AT MAKING THE YCC OPERATION MORE FLEXIBLE AMID EXTREME HIGH UNCERTAINTIES AROUND THE ECONOMY AND FINANCIAL MARKETS.
  • POSSIBLE TO CONDUCT ADDITIONAL EMERGENCY BOND-BUYING AT 10-YEAR YIELD LEVELS BELOW 1.0%.
  • DON'T THINK LONG-TERM RATES WILL COME UNDER PRESSURE TO EXCEED 1%.
  • TODAY'S STEPS CAME PARTLY AS RESULT OF RISING U.S. LONG-TERM RATES.
  • WE WANTED TO TWEAK YCC BEFORE SIDE EFFECTS INCREASED (CONSIDERED FX AS PART OF POTENTIAL SIDE EFFECTS).
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