Jin10 Summary: Overview of the distribution of hawkish and dovish positions of the Bank of Japan and recent statements from officials

Dovish 1. Bank of Japan Committee Member Akira Noguchi: In the face of uncertain economic outlook, the Bank of Japan should not adjust the Intrerest Rate and should closely follow economic developments. 2. Bank of Japan Vice Governor Shinichi Uchida: It is essential to pay attention to the downside risks facing the Japanese economy and prices; currently, the Bank of Japan must support the economy through an accommodative monetary policy. Neutral 1. Bank of Japan Committee Member Kazuyuki Masuda: There is no strong disagreement with the view that Japan's “overall inflation has not yet reached 2%”; considering various economic risks, the Bank of Japan should not rush to raise rates. 2. Bank of Japan Committee Member Junko Koeda: Given the current high level of uncertainty, it is not appropriate to discuss the specific timing of the next rate hike at this time. We need to closely follow the economy, inflation, and financial markets to make a decision. 3. Bank of Japan Governor Kazuo Ueda: If the economy and prices develop as expected, there will be no change in the stance on rate hikes. We will not bring preconceived notions and will carefully examine whether the economy and prices align with our forecasts. 4. Bank of Japan Committee Member Junko Nakagawa: If the outlook for economic activity and prices is achieved, the Bank of Japan will continue to raise the policy Intrerest Rate. Appropriate monetary policy decisions will be made through continuous and prudent data assessment. 5. Bank of Japan Vice Governor Noriyuki Himi: If the performance of the economy and prices meets expectations, the Bank of Japan is likely to gradually raise rates. As for the timing of the rate hike, we can only say that we hope to ensure that it does not occur too early or too late. Hawkish 1. Bank of Japan Committee Member Hajime Takeda: The Bank of Japan is currently only pausing the rate hike cycle; in the future, it should continue to adjust and shift after a period of observation. The Bank of Japan needs to return to the rate hike cycle in a flexible manner. 2. Bank of Japan Committee Member Naoki Tamura: It is quite possible that we will achieve the inflation target earlier than expected; even if uncertainty regarding U.S. tariffs persists, the Bank of Japan may still need to decisively raise rates to address inflation risks.