Near Enough A Copy & Paste From Ueda Thus Far

Little to really move the needle when it comes to BoJ Governor-in-waiting Ueda’s initial comments at his confirmation hearing in front of the upper house of parliament, as he stresses the challenges facing whoever succeeds outgoing Governor Kuroda, alongside elevated uncertainty when it comes to the economic outlook, echoing comments made Friday. At the centre of his comments Ueda points to the need to maintain easy policy settings for now as it will take time for the central bank to achieve its inflation goal (YCC side effects currently outweigh the positives related to the policy, in his view). He also flagged the importance of communication with the markets, although once again tipped his hat to the need for surprise policy moves in certain instances, with policy settings based on data.