• Accommodative conditions will continue for a while
  • Moderate growth in consumption will continue after the spring due to wage hikes
  • Even if real wages are negative, a policy change is possible if outlook is positive

We all know that they are waiting on the spring wage negotiations before getting to this. Typically, the results tend to be "leaked" some time in March as we saw last year here. But Ueda seems to be putting a pin on April instead, for the BOJ to communicate any policy pivot. That might be more fitting anyway as it will be accompanied by the central bank's next outlook report.