Ella 
Bank of Japan Governor Kazuo Ueda commented last Friday that the Japanese economy is recovering moderately and is likely to continue to pick up moderately.
Capital expenditure increased moderately.
Japan’s trend inflation may gradually accelerate to 2% by fiscal 2025.
The impact of foreign exchange and other market trends on the economy and prices must be carefully observed.
Will patiently maintain accommodative policies.
We cannot yet say with certainty that the price target can be achieved stably and sustainably.
Whether Japan is headed for a positive wage-inflation cycle must be carefully studied.
It will take some time, but inflationary pressures from cost push factors are likely to dissipate.
The prospect of a positive wage-inflation cycle in Japan remains highly uncertain.
The government and the Bank of Japan agree on the desired direction of the economy and inflation.
Even if bond yields face upward pressure, the 10-year JGB yield is not expected to significantly exceed the 1% reference level established by the Bank of Japan.
If we can expect to achieve the price target stably and sustainably, we will consider ending the bond yield control curve policy and the negative interest rate policy.
We will adjust policies sequentially at any time based on economic, price and market developments.
Market Reaction:
In the Asian market on Friday, after Bank of Japan Governor Kazuo Ueda issued a dovish speech, the Japanese yen had little reaction, while the US dollar maintained an overall selling trend, putting USD/JPY on the defensive, near the mid-150.00 level.
