BOJ’s Ueda: CPI Excluding Special Factors Remains Elevated

Ueda's framing matters because it separates underlying inflation from the one-off factors that have muddied Japan's price picture, and his explicit refusal to tolerate further gains in it leans against the assumption that the BOJ can stay patient indefinitely. This is aimed at domestic rate expectations first, but it also feeds the global cost-of-funding backdrop that crypto and other risk assets price against. Whether underlying inflation actually keeps running hot, and whether Ueda's rhetoric hardens into policy action, is the open question worth tracking.