BOJ governor Ueda: Uncertainty surrounding domestic, overseas economy is high ...Middle East

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BOJ governor Ueda: Uncertainty surrounding domestic, overseas economy is high
source : forex live ( Middle East ) () 37
Economic, price environment is becoming more complexEconomic developments have changed sharply since Trump's tariffs in AprilTariffs could hurt demand via heightened uncertainty, which could weigh on the economyFirms could swallow rising costs from tariffs but this will worsen corporate profitsIn turn, that will have negative impact on wagesTariffs could affect Japan's economy via financial, FX market moves alsoStill expect prices to gradually rise and withstand downwards pressure from tariffsCorporate profits also stay elevated despite tariffs impactUnderlying inflation in Japan is rising moderatelyEven as economy slows, Japan likely to maintain mechanism in which wages and prices rise in tandemNo change to our view that underlying inflation is to gradually head towards 2% targetBOJ expected to continue hiking rates if underlying inflation accelerates to 2% as projectedWe will judge without preconception whether economic, price forecasts will materialise

He is still making a case for rate hikes down the road but the wording definitely sounds less confident than say three to four months ago. Back then, Ueda would note that economic conditions are playing out accordingly and will support the conditions for them to hike rates further. Now, he's just mostly saying that things should play out that way but there is much uncertainty up in the air.

In case you missed it, his comments from earlier in the day here reinforces that narrative.

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

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