Summary of key points from the press conference with Bank of Japan Governor Haruhiko Kuroda.

date
19/12/2025
1. The pace of policy adjustments depends on the economy and inflation. If the economic outlook improves, interest rates will be raised; the likelihood of the economic outlook improving is increasing. 2. It is difficult to determine the specific neutral interest rate level in advance. Currently, there is still a distance from the low end of the neutral interest rate range; if the opportunity arises, we would like to recalculate the neutral interest rate. 3. If interest rate hikes are delayed, there may be a need for a substantial and rapid rate hike in the future; the risk of interest rate hikes exceeding the neutral rate cannot be denied. 4. We will not directly comment on changes in long-term yields; we will closely monitor fluctuations in long-term government bond yields and, if necessary, will flexibly engage in bond purchases. 5. Paying attention to the impact of a weak yen on price trends.