Overview

• Ueda told parliament that the BOJ will raise interest rates once underlying inflation driven by domestic demand and wage growth shows clear re-acceleration.
• He said recent food price increases are likely temporary one-offs tied to rising raw material costs.
• Since raising rates in March and July 2024, the bank has maintained a cautious stance awaiting sustained economic momentum.
• The BOJ will make future policy decisions without preset ideas, closely watching domestic and overseas economic, price and financial market developments.
• Uncertainty over U.S. tariff policies remains extremely high, reinforcing the bank’s commitment to a data-driven approach.