BOJ’s Ueda: Stable, Sustainable Inflation Target Not Yet Achieved

Ueda's remarks keep the policy goalpost deliberately vague: the BOJ is not claiming victory on inflation, and the deflation call is explicitly handed to the government. That split matters for yen and JGB markets, which have been sensitive to any hint of normalization timing. The balanced framing — overshoot risk acknowledged but not seen as rising — suggests caution rather than a signal. Whether the joint government-BOJ agreement is revisited remains the open question, and Ueda's refusal to address it leaves that ambiguity intact.