BOJ Deputy Governor Uchida: AI Adoption May Have Both Positive and Negative Effects on Productivity and Labor

Uchida's framing matters less for its AI commentary than for what it reveals about how a major central bank is internalizing AI into its policy reaction function: AI as simultaneous demand shock, supply-side productivity story, and financial-stability risk. The notable tension is that the same equity-driven easing that supports activity sits alongside heavy AI-related bond issuance pushing long-term rates up, meaning the policy signal is ambiguous rather than one-directional. The correction-risk caveat is the thread worth watching, since it ties AI capex financing to the broader rate environment rather than treating it as a standalone tech story.