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BOJ governor Ueda tries to play down inflation victory declaration, says it will be up to the government to call that

Posted: 30th Oct 2026

Further remarks on the day by Ueda:

  • Not yet able to decalre that inflation target has been achieved
  • We think it is mportant for inflation to stably and sustainably hold around 2%
  • BOJ not planning to make a formal declaration at some point that price target has been achieved
  • It is up to government to declare the end of deflation
  • Will not comment on whether the joint accord with the government will be revised or not
  • For now, cannot ignore risk of inflation overshooting
  • Overshooting risks have not necessarily increased compared with a month ago

As a reminder, it was the BOJ outlook report earlier that noted that underlying inflation is generally consistent with the 2% target and is expected to stay there. And Ueda also reaffirmed that view with his earlier comments here. Alongside revising their inflation forecasts higher, it is more or less a victory declaration on inflation. Even Ueda himself said that all members on the board agreed that underlying inflation has reached the 2% target now.

But yet, Ueda wants to play this down instead of use it as a springboard to push more rate hikes. And that says a lot about the current appetite of the BOJ to be more proactive in taking action.

As much as we want to think the BOJ has changed and is becoming more bold, Ueda is serving up a timely reminder here that they would still very much prefer to err on the side of caution and move more slowly instead. Another rate hike in December is very much still up in the air.

This article was written by Justin Low at investinglive.com.

Source: Investing Live - Central Bank

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