Ueda's press conference suggests he may be building a case for rate hikes
Key points
- BoJ leaves policy rate on hold at March MPM; Ueda's press conference leaves somewhat hawkish impression
- Governor announced that efforts will be made to enhance core CPI indicators by excluding effects of government programs to more accurately capture underlying prices
- Ueda did not use expressions like (high) "uncertainty" at his press briefing and appeared to be building a case for rate hikes