• Japan inflation largely driven by global commodity prices, not a weaker yen
  • There are now upside risks to Japan's price outlook
  • But hard to foresee 2% inflation still

He's not wrong in that sense. But as I have mentioned before, the pandemic has only served to exacerbate Japan's economic issues rather than create any new ones.

Sure, there might be a slight upside risk to the inflation outlook but I don't believe it will be anything to steer the BOJ away from existing policy measures. In fact, I'm not sure if anything ever will.

Bank of Japan Governor Kuroda