USD/JPY 5 mins chart
  • Economy is progressing in line with our forecast
  • Our confidence has grown in the achievement of price target
  • This confirms economy is proceeding based on existing price outlook
  • There is no change in our stance to carefully examine price trends
  • Cannot fully grasp impact of earthquakes in Western Japan region just yet

If you put together the remarks from his press conference so far today, there is a distinct narrative that he is pushing. That being the central bank is feeling "confident" about achieving the 2% inflation target, as the likelihood of that has "risen gradually".

Yen traders are taking that as a cue from Ueda to mean that they will follow through with a policy change in March or April, after the results of the spring wage negotiations.

Edit (0650 GMT): USD/JPY now extending losses to 147.34 on the day, contesting a break of its 100-day moving average of 147.50.