Kazuo Ueda

The last time the BOJ conducted three hikes in a single year was in 1989. The third increase that year came on Christmas Day just four days before the Nikkei 225 stock average peaked at 38,957.44.

With his latest remarks, Ueda leaves open the possibility of a December rate move without boxing himself in to that position.

Kazuo Ueda inherited a complex monetary framework that seemed almost impossible to exit.

The lack of signalling on any future rate hikes weighed on the yen, which slid past the closely watched 150 mark versus the dollar

Parliamentary hearings to scrutinize Ueda’s current views will start on Feb 24.