It will analyze the impact of the yen’s strengthening in August

Speaking at the press conference after Friday’s policy meeting, Bank of Japan (BoJ) Governor Kazuo Ueda said the Bank “will look at the impact of whether the strengthening of the yen in August will impact prices to the same degree as previous yen weakness on prices.”

The BoJ left its benchmark interest rate at 0.15%-0.25% following its September policy meeting.

Additional quotes

Today’s CPI data was slightly stronger than we had estimated a while ago.

There was evidence in today’s data that wage increases are being reflected in service prices.

Looking closely at whether the pace of wage growth will continue, service prices will continue to reflect wage growth and consumption will remain strong in the fall and beyond.

It will look at how the US economy will impact the next wage negotiations next spring.

A soft landing for the US economy is our main scenario.

But the risk against a US soft landing is greater.

Our position was that we would not use monetary policy to control exchange rates.

We do not react directly to exchange rates, but to their impact on the inflation outlook.

You want us to take some time to see how the increased uncertainties affect our perspective in deciding the next policy step.