What happened
Deputy Governor Shinichi Uchida said worldwide AI adoption is a positive demand shock that has lifted activity, prices and assets. He also said heavy bond issuance by AI companies is pushing up long-term rates.
The assessment is conditional: productivity could raise the natural rate of interest, but markets could correct if expected profits do not arrive. The BOJ has not declared a settled net effect.
Why it matters
AI investment is now large enough to enter central-bank analysis, not just technology forecasts. Investors should separate current demand and financing effects from still-uncertain productivity gains.
What to watch
Watch company profits, AI-related bond supply, productivity data and whether the BOJ changes its rate guidance.
Sources & verification
Source links are not a count of independent confirmations.
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