Bank of Japan Governor Ueda says Japan's economy is recovering moderately

  • capex rising moderately
  • Japan's economy is likely to keep recovering moderately
  • Japans' trend inflation likely to gradually accelerate toward 2% through fiscal 2025
  • Must carefully watch impact of market moves, including fx, on economy, prices
  • Will patiently maintain easy policy
  • We cannot say yet with conviction our price target will be stably, sustainably met
  • Important to scrutinise whether Japan sees positive wage-inflation cycle
  • Will take some time but inflationary pressure driven by cost-push factors are likely to dissipate
  • There is still high uncertainty on whether japan can see positive wage-inflation cycle
  • Govt, BOJ share view on desirable direction on economy, inflation
  • Don't expect 10-year JGB yield to rise sharply above our 1% reference even if yields come under upward pressure

Bolding above is mine. Same old from Ueda.

Ueda wave