• We will consider reducing JGB purchases at some point in the future
  • Likelihood of achieving 2% price target is rising but still not 100% guaranteed

The headline remark is at least something but at best, it is still very vague. At least we know that they are going to be more data-dependent moving forward. However, as mentioned before, time might be running out for the BOJ to push the throttle on tighter monetary policy for a longer period. USD/JPY is not much changed from his remarks, still up 0.8% at 150.37 now.