Bank of Japan Governor Kazuo Ueda spoke on May 27 at a two-day international banking conference in Tokyo hosted by the Bank of Japan and the Institute for Monetary and Economic Studies. He stated that central banks should not assess oil prices in isolation, as temporary energy shocks can become persistent through effects on wages, expectations, and price-setting behavior, and noted that Japan faces its fifth such shock since the 1970s. Core inflation exceeded the 2 percent target in April amid surging oil prices linked to Middle East conflict, with markets pricing in a possible rate hike ahead of the June 16 policy meeting.