Naoki Tamura

Rule Changes

As of May 2026: Hawkish on inflation timing; vocal on balance-sheet normalization pace

Japan's shift away from ultra-easy money is now colliding with the currency market. After raising rates to 0.75% on December 19, 2025, Governor Kazuo Ueda stressed real rates remain 'very low' or negative and the BOJ will pace tightening while responding flexibly to exceptional long-term yield moves.

Updated May 15