Overview

• The Bank of Japan will consider additional rate increases only if prices and economic activity evolve in line with its forecasts.
• Kazuo Ueda says decisions will be made without preconceptions while policy remains accommodative to support the economy.
• He identifies a possible 15% U.S. tariff as a meaningful downside risk, though widespread effects on Japan have not been detected.
• Ueda warns that prolonged trade uncertainty could weaken the pass‑through from higher prices to wage growth.
• The yen moved to about 147.60 per dollar after his remarks, reflecting a modest market reaction.