they had governor kuroda in office for 10 years.s on the board of the boj in the early 2000 when he voted against the decision to hike rates, which helped pushed opinion back into recession. -- japan back into recession. it is the second meeting. this is something he's not ready to do, in part because that premature tightening. he is now worried that could happen again. he says the risk of premature tightening is far greater than the risk of letting it go too far. it is inflation one of the main measures, but the boj's forecast from the april meeting was that it was going to stay at 1.6, or come back down i should say to 1.6%. they cannot change their inflation outlook officially. but won't he get questions? how can you say you are not sure it will stay above the 2% target? how will he answer that? at the same time, the conditions we have been talking about during the show, the bond market is pretty well behaved even though the bond market is raising interest rates. the yen is getting closer to the 145 level where governor kuroda wa

will get little echoes of october, september, november, december leading up to the tweet of governor kuroda at the december meeting. how much of an influence could it be, will it be if we continue to see yen weakness? is that something that hastens their step at the july meeting when they have the opportunity to update their inflation forecast to make that tweet or at least are talking about it? >> i>> i think for the yen coule an example of the boj because that will increase the higher inflation rate. and that could be a sign from the public that the boj is causing the yen depreciation and sharper inflation rate. it has not intensified rate now in the last two years. because the yen is depreciating gradually, and we are observing that is some sign of ticking out the inflation rate. and also the increase of equity price may show we have good confidence. i think the criticism, will not be here. but you have the yen around 45 or something like that. that could be proven for the boj. kathleen: ok, is that another kind of complication for everybody trying to figure out with the boj is going to

a sharp drop in the yen will affect them and make us think of last december when former governor kuroda was forced to do his twe that will open another can of currenciesak. yes, the yen has been weakening, but will it get like it was back in october, november and december of last year? haslinda: todd, one last question before we let you go -- go ahead, todd. todd: you have an interesting point there because it wasn't just governor ueda who was expressing uncertainty being greater they're being greater uncertainty around forecasts and the land of monetary policy transmission, it was what we heard from the other g3 central bank governors. the central reference he made was that policy had been easing for three decades and that means he will continue to be relatively cautious. rishaad: todd, thank you very much indeed. todd elmer, fx microanalysis head for in touch capital markets. and of course, our global economics and policy editor, kathleen hays. coming up, we look at how resilient esg strategies are giving a boost to corporate bottom lines, and we will hear from the she-cession ability

maybe governor kuroda is going to do something more than that december tweak, even before the new governor have his first meeting in april. now, it's economists were looking more for the near term rate hike. in april, our latest survey was two thirds. some people have changed their minds. , they back to thinking maybe at the end of the year, something then. although goldman is among those along with bnp parabas, saying they may do a tweak in june. just about everything, every number is above the 2% target. 3.4% if you look at one of the main gauges. at this point, what is expected is perhaps a shift up in the inflation forecast, given how far apart the target is from the boj's forecast from 1.8% this year. a 35 year veteran at the boj for 35 years, he says he thinks that they are going to have to move the forecast. let's listen. >> the boj inflation excluded prices for fiscal 20 23, but actually by my calculation by any reasonable assumption, for fiscal 23, at current prices we would be above 3%. the boj has to be up. for fiscal 23. kathleen: an increase the inflation forecast it could be