The Bank of Japan's board member Seiji Nakamura said that Japan's economy is showing clearer signs of a pick-up and it is to be expected for Japan's economy to recover ahead as the impact of a pandemic and supply constraints gradually subside.

The board member said Japan's consumer inflation is likely to accelerate as the impact of cellphone fee cuts drops off.

However, it was also stated that the BoJ will patiently maintain powerful monetary easing to achieve 2% inflation target.

Additional comments

BoJ ready to take appropriate steps as needed with eye on impact of pandemic on economy.

Investment to cope with climate change among small, medium-sized firms may increase more than expected.