• BOJ is not behind the curve in dealing with inflation
• It is obvious that we should not raise rates too quickly in a way that derails the economic recovery
• I’m not saying that food prices are rising in a way that warrants immediate policy action
• Not thinking of a particular pace in raising rates
• Don’t have a specific timeframe in mind on how soon the BOJ should raise rates next
• It would be wrong to have a preset idea on that decision
• If there is sufficient data that convinces us to act, then we will do so without hesitation
• The previous pace of rate hikes are not any guide on the future pace of rate hikes
• Underlying inflation remains on track to hit the 2% target; the pace hasn’t been too fast or too slow

He’s saying a lot without saying anything really. The comments are mostly to reaffirm the central bank’s existing policy stance more than anything else. The BOJ remains sidelined awaiting further developments from the spring wage negotiations in March. That will be the earliest in which we could see a bit of a narrative shift from the BOJ, depending on the wage numbers.

But amid the pressure from the government in wanting the central bank to keep rates unchanged, that will make things tougher in challenging the convention by taking an outright hawkish stance. As such, expect much of the BOJ commentary to reflect the kind of two-sided thinking like what Masu is saying above.