BOJ’s Ueda declines to comment on recent AI events, cites positive demand impact

Ueda's refusal to address the recent AI events is itself the signal: the BOJ is drawing a line between market noise and its policy framework, and it is not going to let short-term AI-driven volatility pull it off course. Framing AI as a positive demand shock for Japan matters because it implicitly treats the technology as inflationary rather than deflationary — a distinction that feeds directly into how the BOJ weighs future normalization. The open question is whether that benign demand-shock characterization survives if AI-related market stress starts to spill into Japanese financial conditions.