Kazuo Ueda's statements were as follows:-

- We decided to keep the interest rates fixed as they are.

- The Japanese economy still faces many uncertainties.

- Prices are still high.

- You should pay attention to the financial and foreign exchange markets and their impact on the economy and prices.

- The impact of foreign exchange has become greater than in the past as companies have become more eager to raise wages and prices.

- We will continue to adjust the degree of policy easing depending on economic forecasts and prices.

- We need more data on wage forecasts and more information on wage trends.

- The uncertainties surrounding US economic policies are still great.

- The policy will be guided from the point of view of achieving the price target in a sustainable and stable manner.

- There is little information available about wage trends at the moment.

- We need to measure the situation for a long time regarding wages and possible tariffs that Trump may impose.

- It is very difficult to predict what kind of impact Trump's various policies may have.

- We have to combine other data in order to make decisions on interest rates until then.

- It is difficult to say whether the incoming data will be enough to support the January interest rate hike.

- The big picture of wage trends will become clearer in March and April.

- If we decide not to raise interest rates, we will consider this decision safe.

- There is, of course, a risk of lagging behind the curve in waiting.

- But we will take this risk into account if we decide to skip raising interest rates in January.

Ueda's message today was very clear and concise, he announced that they do not have all the information they need to make a decision to raise interest rates next January.

We expect it will be difficult to see how they will get more material information about wages, prices and tariff arrangements for Trump, but we'll see! Perhaps the depreciation of the Japanese yen currency may also force them to do so at the right time.

The yield on Japanese five-year Treasury bonds reversed from its peak of 0.76% to fall by 0.5 basis points to 0.71% during Ueda's speech, as Ueda seemed surprisingly too lenient.

Investors bought five-year bonds because their yield had risen to very high levels earlier in the session.