Bank of Japan (BoJ) Governor Kazuo Ueda is addressing a press conference on Thursday, explaining the central bank’s decision to hold the interest rate at 0.5% for the sixth meeting in a row.

Additional quotes

Japan's economy recovering moderately albeit with some weakness.

Easy monetary conditions will support economy.

Japan's economic growth likely to be modest as trade policies lead to slowdown in overseas economy, decline in corporate profits.

Japan's economic growth likely to rise thereafter with overseas economies returning to moderate growth path.

Underlying inflation, rate of increase in inflation will gradually increase, be at level in line with price stability target in second half of projection period.

How overseas economies, price react to trade policies remain highly uncertain.

Must pay attention to trade policies' impact on financial, FX markets, Japan's economy and prices.

Will continue to raise policy rate if economy, prices move in line with forecast, in accordance with improvements in economy, prices.

Important to judge whether outlook will be achieved without any preconception.

Takata, Tamura dissented to the BoJ’s quarterly report.

Takata proposed to add a line about consumer inflation reaching price stability target.

Tamura proposed adding line on underlying inflation rate to be largely in line with inflation target beyond second half of projection period.

Want to take a little longer to see how the US tariff impact would affect japanese economy.

Don't think there is risk of falling behind the curve.

Have no preset ideas about timing of next rate hike.

No comment on pm Takaichi comments, plan to meet Takaichi.

Need to work closely with government.

Will continue to closely communicate with government.

Expect next wage hikes to be roughly equal to this year's.

Want to carefully watch wage negotiations especially in automotive sector given tariff impact.

The US economy is solid for now.

Outlook from July largely realised in next three months' data.

Likelihood of achieving outlook increased.

Tariff impact on the US economy is showing up gradually.

But tariff costs will be passed onto consumers going forward so there are risks of impact growing.

Downside risks to the US economy have subsided vs. July outlook.

Will monitor closely whether unexpected negative risks appear.

No comment on Bessent's comments on monetary policy.

Need some more data until we decide to adjust degree of monetary easing.

Food inflation has been increasing due to temporary factors.

Expect food inflation rate to moderate.

Expectations of increased production from AI driving current boom.

But some corrections possible if AI expectations do not unfold.

Overall consumer mindset improving, consumption solid.

One factor for consumption trend is wage hike next Shunto.

Market reaction

USD/JPY resumes upside following these comments. The pair was last seen trading 0.43% higher on the day near 153.35.