BOJ's Ueda says underlying inflation nearing 2% target

Bank of Japan Governor Kazuo Ueda commented on inflation trends ahead of the bank's next policy decision.

Analysis deskEditor Andersson Iyke19 October 2026, 19:20 GMT

What happened

BOJ Governor Kazuo Ueda said underlying inflation is quite close to the bank's 2% target.2

Ueda also said he cannot tolerate underlying inflation rising further above 2%.1

The comments came about two weeks ahead of the BOJ's next policy decision, which observers currently expect to result in no change.1

Some coverage framed the moment as a possible opportunity for the BOJ to pivot its policy approach toward sustaining inflation as the 2% goal nears.3

BOJ Governor Ueda made public remarks on underlying inflation approaching the bank's 2% target.1 2 3
The remarks come as the 2% inflation target is seen as within reach.2 3

None of the outlets reviewed reported specific inflation data or figures underlying Ueda's assessment.
None of the outlets reviewed reported reactions from markets, businesses, or other policymakers to Ueda's comments.
None of the outlets reviewed detailed what a policy pivot toward 'sustaining' inflation would specifically involve.

The comments were made ahead of an upcoming BOJ policy meeting, which markets are watching for signals on future monetary policy direction.1 3

What to watch

The BOJ's next policy decision, expected roughly two weeks after these comments.

Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.