BoJ's Ueda: Easy financial conditions will be maintained for the time being

Japan's economy has recovered moderately, although some weakness has been seen.

Must pay due attention to financial, FX market moves, impact on Japan's economy, prices.

Monetary policy conduct depends on future economic, price, financial conditions.

Economic outlook, risk overshoot may also be a reason for policy change.

Monetary policy is not aimed to control FX rates directly.

If FX fluctuations affect underlying inflation, that could be a consideration for monetary policy.

Although main reason for FY2024 inflation outlook upgrade is higher crude price, weak Yen had impact to some extent.

Likelihood of achieving 2% inflation target is gradually rising.

Reduction of JGB buying in future is in sight.

Not want to use reduction of JGB buying as a proactive monetary policy tool.

Will carry out appropriate short-term rate adjustment, taking effect of BoJ’s JGB holding on long-term yield into consideration.

FX's impact on inflation rates is usually tentative.

Chance of prolonged weak Yen is not zero.

We can preemptively judge if weak Yen affects underlying inflation, spring wage talks next year.

No change to JGB buying amount from March.

Future reduction of JGB buying will be decided at policy board.