• No change to BOJ stance of patiently maintaining easy policy
  • Will not hesitate to take additional easing steps if needed
  • Will maintain stimulus measures with yield curve control
  • The cost of shifting policy prematurely is extremely high
  • The downside of waiting to ensure inflation hits 2% sustainably is smaller than shifting policy prematurely

This just bolsters their current stance since the latest BOJ

meeting. When Ueda took over, the shunto wage negotiations were seen as a springboard for a potential shift in policy narrative for the Japanese central bank. However, that hasn't yet materialised and it has knocked the wind out of the sails of yen bulls for now.