This came during statements by Bank of Japan Governor Kazuo Ueda at his press conference in which he said:
The economy and price situation will be closely scrutinized by checking wages and prices
The main reasons for exceeding inflation expectations compared to July are longer-than-expected impacts of price flow and higher oil prices
But we're not in a position to expect sustainable and stable price increases
We will not hesitate to take mitigating action if necessary.
And the commentary that says he doesn't see continued inflation says it all. They won't turn in the right direction until the last minute but if markets continue to expect them to do so in the meantime, disappointment is sure to come.
