JN BOJ Press Conference

BoJ's Uchida: Today's decision took into account the risk of having to raise rates by a large margin if policy adjustment is delayed BoJ's Uchida: not thinking about changing pace of ETF offloading, buying or selling BoJ's Uchida: 2 trillion yen pace of JGB buying would still adequately adjust the balance sheet BOJ'S UCHIDA: NEED TO BE MINDFUL OF UPWARD RISKS AS UNDERLYING INFLATION APPROACHES 2%

BoJ's Uchida: To nimbly increase bond buying if yields surge BOJ Deputy Governor Uchida: Neutral rate path becomes clearer as rates increase. BOJ Deputy Governor Uchida: Policy rate decisions align with government economic policy.

BOJ Deputy Governor Uchida: Moderate recovery in Japan, with some areas still weak. BOJ Deputy Governor Uchida: Significant slowdown risk has decreased. BOJ Deputy Governor Uchida: Economy developing largely in line with baseline outlook. BoJ's Uchida: real interest rates have been negative mainly in short-, medium-term zone BoJ's Uchida: Need to pay close attention to how Middle East developments affect financial, FX markets, and the Japanese economy and prices

BoJ's Governor Ueda expected to be absent from the June 15-16th meeting BOJ GOV UEDA HOSPITALIZED ~2 WEEKS, HIMINO TO CHAIR MEETING, UCHIDA TO HOST PRESS CONF

BoJ Gov Ueda: BoJ Still In Middle Of Process To Raise Rate To Neutral - Chance Of Oil Shock Like 1970s Not High - If Trend Inflation Overshoot 2% By A Big Margin Then A Strong Tightening Could Be Required #OOTT

BoJ Gov Ueda: Price Trend Is Slightly Below Target - Will Avoid Falling Behind Curve - Will Be Watching To See If Likelihood Rises Again - Need To Be Mindful Of Further Economic Slowdown Depending On Supply Shock Levels - Oil Prices Could Affect Prices More Than Before #OOTT Bank of Japan Governor Ueda noted that underlying inflation has not fully stabilized at the 2% level. BoJ Gov Ueda: Not Seeing Immediate Need To Raise Rates - Takes The Fact That 3 Board Members Dissented Seriously As Chair - Other Six Members Were Mindful Of Inflation Upward Risks But Not Seeing Urgency For Rate Hike Now

Bank of Japan Governor Ueda noted that conditions in the Middle East are still uncertain. BoJ's Governor Ueda: BoJ's outlook based on no major supply chain disruption. BoJ's Governor Ueda: Japan's economy recovering moderately albeit with some weakness. Bank of Japan Governor Ueda noted that Middle East uncertainty has reduced the chances of the price and economic outlook playing out as expected.

BOJ UEDA: RATE HIKE IS POSSIBLE IF PRICE TREND IS INTACT