BOJ'S UEDA: 2% INFLATION HASN'T QUITE BECOME SOCIAL NORM YET

Bank of Japan Governor Kazuo Ueda said that the central bank's 2% inflation target has not yet become a social norm, signaling that households and firms have not fully internalized sustained price increases. The transmission channel here runs through inflation expectations: if wage- and price-setting behavior remains anchored to the deflationary past, the BOJ may need to keep policy accommodative for longer than a purely data-driven reading would suggest, which narrows the rate differential against the Fed and other major central banks. Yen-denominated assets are most directly exposed, as the yen's carry-trade funding role and its sensitivity to real rate expectations make it the primary price channel for any shift in BOJ tone, while Japanese government bond yields and Nikkei sectors tied to export competitiveness face second-order effects. The next concrete catalyst is Japan's national CPI release, where traders will watch core and services inflation for evidence of broadening price pressure and wage-linked momentum.

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