Ueda is the government nominee for Bank of Japan Governor. Its pretty much a done deal (Japan Inc.)
Summary points from Ueda's testimony before the upper house of the Diet as part of his nomination and confirmation process:
- CPI growth will slow below 2% in fiscal 2023
- It takes time for CPI to meet 2% target sustainably and stably
- BOJ's monetary easing causing various side-effects
- BOJ 's current monetary easing policy is appropriate
- Appropriate to continue monetary easing from now on also
- The Bank of Japan faces a difficult situation regardless of who becomes the new Governor
- Definition of price stability is zero inflation
- The more inflation deviates from zero, the larger the cost becomes
- Central banks have set inflation target at 2% to leave themselves room for future rate cuts, a practice Japan has applied too
Note that the fiscal year in Japan will begin on April.