Bank of Japan governor Kazuo Ueda has made cautious remarks, signalling no rate hike next month, prompting the yen to weaken. Ueda said the timing of policy changes depends on economic indicators, wage talks, and external risks. The BOJ maintained its 0.25% benchmark rate this month and is targeting 2% inflation. Ueda indicated rates would stay low to support growth but warned of risks from prolonged easy policy. Some economists expect a March hike, while a January move remains possible, with wage negotiations a key factor. Ongoing uncertainties include Prime Minister Shigeru Ishiba’s minority government and US policy. Ueda’s stance surprised investors who expected an earlier move. The BOJ board meets again on January 24. Ueda has delivered his last public speech this year.