Consumer prices likely to rise, but this caused – push inflation seen weighing on economy longer-term.

Nominal wages may rise significantly, but recent rise in energy, food prices could push down Japan’s real wages.

Premature to speak about exit from BOJ’s easy policy, including what to do with its ETF buying.

BOJ will continue to buy ETFs as needed, as part of its monetary easing programme.

In the event BOJ decides to reduce ETF holdings, it will do so in a way that minimizes BOJ’s losses and causes least disruption to markets.