We are witnessing record high corporate profits and record high wage increases in Japan.

If outlook for economic activity and prices presented in July report is achieved, BoJ will accordingly raise interest rates.

The policy board is going to look at totality of the data as it makes decisions meeting by meeting.

We have many real interest rates and they vary significantly but all of them negative.

Later in the year, we will have more data on pass through of wage hike on prices, and next year's wage negotiations.

We will also know more about pass-through of Yen-Dollar rate on inflation via import prices.

BoJ will consider adjusting degree of monetary conditions if board has greater confidence its outlook is realized.

What data to focus shifts as data comes in, today US employment and consumption, and Chinese consumption may deserve more attention than before.

We monitor data to detect developments that are not already covered in our risk scenarios, looking at data outside the current priority list is equally important.