BoJ’s Ueda: Appropriate to continue monetary easing to achieve 2% inflation target with wage growth

Won't hesitate to ease monetary policy further if necessary,

Reorganized forward guidance given changes in govt's COVID-19 classification, lower the risk of pandemic's impact on economy, markets,

Decided to conduct a broad-perspective review of monetary policy to deepen understanding of past policy conducts, gain informative insights for future policy.

'Review' is not aimed at conducting specific policy measures or changes in future.

We can hope for stable, sustainable inflation to take hold.

No idea what kind of policy our review will lead to.

Review of monetary policy will also include input from external members.

Policy review period of 1 to 1-1/2 years does not mean there will be no policy change during that time.

Will make changes to monetary policy as needed during the review period.

May announce results of policy review in the interim if needed.

Does not warrant no policy change during 1 to 1.5-year 'review' as policy shifts should be carried out if necessary.

A policy shift could happen in next 1.5 years since chance of underlying inflation rate reaching 2% is 'not zero'.

Monetary easing in past 25 years were effective to some extent, but not successful enough in terms of achieving 2% inflation target.