Mitsui Sumitomo Nikko Securities economist Yoshimasa Maruyama said any notable
impact from UEDA missing next week's meeting is likely to be confined to the
post-meeting press conference. Investors have tended to view UEDA's remarks as
slightly more dovish than the Outlook report or Summary of Opinions; if Deputy
Governor Uchida adopts a more neutral tone at the press conference, markets
could interpret that as a hawkish signal. UEDA is expected to return in July, so
Maruyama said a temporary change in wording should not be read as a shift in
policy direction.
