BOJ governor Ueda: Some market participants expressed concerns about outlook

• Private consumption remains solid despite inflation impact weighing
• Wage hikes are becoming more widespread
• Rising wages will continue to support private consumption
• Doesn’t believe rate hike will have significant negative impact on the economy
• Does not have 0.50% policy rate in mind as a ceiling
• Will analyse impact of rate hikes up until now when considering additional rate hikes to come
• Doesn’t believe economy, prices will slow due to additional rate hike

There was a bit of a mistranslation there, as the point of 0.50% policy rate missed a dropped word on it being a ceiling. USD/JPY is now down to 152.10 on the day. Ueda does say though that a weak yen didn’t have much impact on their price outlook.

This article was written by Justin Low at www.forexlive.com.