Overview of key points from the press conference of the Governor of the Bank of Japan, Haruhiko Kuroda.

1. Policy Outlook: If the economy and prices develop as expected, policy rates will continue to rise with improvements in the economy and price conditions. If there are significant changes in the market, the basic stance will be reconsidered. 2. ETF Reduction: Once the necessary preparations are completed, ETF sales will begin. Currently, repurchasing ETFs is not considered as a monetary policy tool. The ETF sale plan may be adjusted in the case of temporary market fluctuations. 3. Economic Outlook: Despite some softness, the Japanese economy is experiencing moderate recovery. As overseas economies return to moderate growth paths, Japan's economic growth may subsequently rise. 4. Inflation Outlook: The impact of rising food prices, including rice, may fade. Base inflation is gradually rising towards 2%. Core inflation remains below the 2% level but is approaching the target. 5. Tariff Agreement: The US-Japan trade agreement has reduced uncertainty. The impact of tariffs is intensifying, and attention should be paid to the downside risks to the economy and prices. Corporate profits remain stable, and the impact of tariffs on Japan remains limited. 6. Overseas Economy: The global economic outlook remains unchanged. US employment data is weak, but overall the economy remains stable. The Fed's interest rate cuts will help boost the US economy. From now on, tariff costs may be passed onto American consumers. 7. Domestic Politics: After the next Prime Minister election, the Bank of Japan will take policy response measures. No comments will be made on domestic political developments. 8. Market Volatility: No comments will be made on short-term market fluctuations or exchange rate levels. Today's ETF decision did not consider recent stock market prices.