BoJ Governor Ueda (post-meeting press conference) says economy is recovering moderately, will not hesitate to take additional easing if necessary; reiterates that the BoJ needs to patiently continue its easy policy

INFLATION:

BoJ is yet to foresee inflation achieving 2% in a stable manner
No change to BoJ view that risk of overestimating inflation is greater than inderestimating it
Does not yet think that there has been a big jump in inflation expectations since July meeting
BoJ today discussed that inflation's rate of deceleration has been slower than in July outlook report
Pace of the fall in inflation seems somewhat slower than forecast in July
Companies' moves to pass on price hikes are nearing a peak
Says there are no reasons to worry about the slight rise in longer-term rates since they are in tandem with the rise in inflation expectations

WAGES:

Wage and price setting behaviour has been more positive recently
Views the continued contraction in Japan's real wages with concern
Says households are taking a great hit from falling real incomes
Corporate profits are largely solid, positive for wage hikes next year
Strength of wage growth - and its sustainability - is one of the most important factors for the BoJ to judge prices

MORTGAGES:

OUTLOOK

Says uncertainty is high over economic and price outlook, as well as FX and financial market outlook
In October, BoJ will scrutinise various data, including government's gasoline subsidy extension
Japan's consumption is on a gradual recovery, overall

GLOBAL OUTLOOK:

US economy is stronger than expected, raises the prospect of a soft landing, but notes the uncertainties surrounding US soft landing expectations
Sees the Federal Reserve's stance as keeping rates high; says BoJ must be mindful of Fed hiking rates again
Notes that parts of Europe and China are weak
On risks from China, says measures taken for the China housing market are appropriate, but BoJ must carefully monitor the impact

MARKET MOVES:

Says BoJ will watch closely for FX moves that impact the outlook
Has no specific comment on short-term moves in long-term rates or currencies
Adds that it is important for FX to move stably, reflecting fundamentals
Will closely coordinate with the government to monitor FX market and its impact on the economy

GUIDANCE:

Will not hesitate to take additional easing measures if necessary
Reiterates that he said recently that BoJ needs to patiently continue easy policy
Will mull policy adjustments if price goal is in sight
Will end YCC and NIRP when BoJ judges that achievement of 2% inflation is in sight
Could consider ending YCC and modifying NIRP when it judges that the achievement of 2% inflation is in sight
Not currently in a position to decide on the order of change in policy tools
Cannot identify what variable would lead to achievement of 2% inflation and end of NIRP
Short-term rates will be kept until the BoJ has achieved its proce target
Says BoJ does not have a specific strategy for policy changes after it has achieved 2% inflation
BoJ wants to achieve 2% inflation by continuing easy policy with help of somewhat high inflation rate driven by rising import prices