On October 2nd, Kinoko Data reported that Governor of the Central Bank of Japan, Kazuo Ueda, issued a dovish signal in a speech on the policy outlook. This is his first speech since new Prime Minister Shigeru Shiba and his close allies urged monetary authorities to be cautious when considering raising interest rates. Ueda's speech indicates that the Central Bank and the new cabinet are aligned in direction. Shiba and one of his cabinet ministers have made it clear that they oppose any premature interest rate changes. Ueda's comments are largely consistent with the contents of the September policy statement, but add some wording to convey a continued cautious attitude.