If economy, prices come under strong downward pressure, BOJ has limited room to underpin growth with rate cuts with short-term rate still at 0.5%Underlying inflation still below 2%BOJ keeping real interest rate negative so underlying inflation achieves 2%, and keeps inflation sustainably and stably at 2%We will raise interest rates if we have enough confidence that underlying inflation nears 2% or moves around 2%
The yen is weakening on Ueda's comments, its up from around 144.60 to just under 145.00 as I update. Having said this, the USD is stronger right across the majors' board. EUR/USD, for example is under 1.14 having dropped from around 1.1425.
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