Japan Minister Calls for Caution on Declaring End of Deflation

Kiuchi's twin comments matter because they signal fiscal-side tolerance for the BOJ's ETF unwind while withholding endorsement of a formal deflation exit — a pairing that keeps the policy backdrop ambiguous rather than resolving it. The deflation call carries weight beyond Japan: it has underpinned the yen carry trade and global risk appetite, so the hesitation itself is the signal. Whether the government's stance shifts as ETF sales proceed, and whether the deflation declaration stays on hold, are the open questions worth watching.