Bank of Japan Governor Ueda says Japan's real interest rate remains very low

Bank of Japan Governor Ueda:

Japan’s economy recovering moderately albeit with some weak signsJapan’s economy, prices moving roughly in line with our forecasts but must be vigilant to heightening uncertainty including from each country’s trade policyJapan’s financial system maintaining stability as a wholeJapan’s real interest rates remain very lowBOJ expected to keep raising interest rates if economy, prices move in line with projections made in our quarterly reportWe will scrutinise at each policy meeting without any preset idea whether economy moving in line with our forecasts

None of this comments from Ueda are surprising, he’s said the same in one way or anthioer many times.

More, getting more intresting now:

We will guide policy appropriately while scrutinising domestic, overseas economic developments as well as markets and risksWhen BOJ raised rates in January, U.S. economy was in solid shape, markets had been stableUncertainty surrounding U.S. policy, particularly on tariffs, has heightened sharply recently

Those final two points sound to me like Ueda hinting at an on hold deciison at the upcoming meeting in May (the meeting is April 30-May 1).

US tariffs impact Japan’s economy through various channels