Bank of Japan (BoJ) Governor designate Kazuo Ueda continues to speak on the monetary policy and inflation outlook during his appearance on Monday.

Key quotes

BoJ’s overshooting commitment is aimed at exerting powerful announcement effects on policy but need to be mindful of risk of inflation overshooting too much.

Not considering altering 2% inflation target now.

Will refrain from committing to maintaining BoJ’s price target at 2% during my expected five-year term as BoJ governor.

Must scrutinize whether BoJ’s steps taken so far can prevent deterioration of market function.

Won't comment on what further steps are available, and when they can be taken, in case BoJ’s steps taken so far are not enough to ease market strains.

At present positive signs are emerging on trend inflation, there's no immediate need to change pledge to meet 2% inflation target as quickly as possible.