BOJ’s Ueda: Stabilizing Underlying Inflation Near 2% Is Very Important

The significance here is the framing rather than any new policy signal: Ueda is tying the case for normalization to underlying inflation holding near target, while simultaneously describing conditions as accommodative and fiscal stimulus as helpful. That combination matters for yen-sensitive and carry-driven markets, since it suggests the BOJ's path stays data-dependent rather than urgent. For crypto and RWA holders, the relevant channel is global liquidity and yen-funded positioning, not Japanese inflation itself. The open question is whether underlying inflation actually converges toward 2% durably enough to justify further moves.