BOJ’s Ueda: No Complaints Heard So Far About High Interest Rates

Ueda's remark is less about the level of rates than about the absence of visible political or corporate pushback, which gives the BOJ room to hold its stance without appearing tone-deaf to borrowers. The emphasis on real rates not having risen significantly reframes the debate around inflation-adjusted conditions rather than nominal levels, a distinction that matters for how tightening is perceived. For markets sensitive to yen funding costs, the signal is continuity rather than a shift. Whether that tolerance holds as nominal rates stay elevated is the open question, and Ueda's silence on the rate path leaves it unanswered.