• Then likely to rebound thereafter through uncertainty regarding outlook is very high
  • Current inflation rise is due to external, cost-push factors; not demand strengthening
  • Tightening monetary policy in response to this would hurt the economy
  • Inflation expectations must heighten for inflation to hit 2% sustainably

Just some token remarks there by Ueda but it reaffirms their conviction, or should I say lack thereof, for now. The divergence between policy pivot expectations between the Fed (less dovish) and BOJ (less hawkish) is showing up in USD/JPY

as the pair traded back above 138.00 to its highest levels this year yesterday.