BP (BP.N): Oil production is expected to increase in the first quarter.

Bank of Japan Governor Kazuo Ueda: There is no need to raise the interest rate on excess reserves like the United States.

BP (BP.N): It expects the depreciation of the Egyptian pound to have an adverse impact of approximately US$20 million.

BP (BP.N): Following strong results in the fourth quarter of 2023, it expects strong growth in gas marketing and trading performance in the first quarter.

BP (BP.N): The oil production and operations division is expected to have an unfavorable impact of $300 million to $600 million this quarter compared to the previous quarter.

BP (BP.N): Net debt is expected to increase in the first quarter, mainly reflecting an increase in working capital.

BP (BP.N): The natural gas and low-carbon energy sectors are expected to have an unfavorable impact of $200 million to $400 million in the first quarter compared to the previous quarter.

BP (BP.N): Upstream production is expected to increase in the first quarter compared to the previous quarter. Compared with the previous quarter, quarterly customer and product segments are expected to be affected.

Bank of Japan Governor Kazuo Ueda: The impact of the March policy shift on bank profits may be limited.

Bank of Japan Governor Kazuo Ueda: Downside risks of large price deviations have been reduced.

Bank of Japan Governor Kazuo Ueda: Another factor to examine is whether service prices will rise, reflecting the impact of rising wages.

Kazuo Ueda, Governor of the Bank of Japan: Our baseline scenario is that trend inflation (currently just below 2%) converges to 2% over the next 1.5 to 2 years. The probability that inflation will fall significantly below our baseline forecast is quite low.

Bank of Japan Governor Kazuo Ueda: If wage growth is weaker than expected or overseas shocks affect the economy, we may need to reduce stimulus at a slower pace or suspend stimulus reductions altogether. If the wage inflation cycle accelerates beyond expectations, stimulus may need to be reduced faster than expected.

US Geological Survey: 5.0 magnitude earthquake occurred on Iwo Jima, Japan.

Bank of Japan Governor Kazuo Ueda: If trend inflation accelerates to reach our 2% inflation target, it may be possible to moderately reduce monetary stimulus.

Bank of Japan Governor Kazuo Ueda: The speed of adjusting interest rates depends on economic conditions.

Bank of Japan Governor Kazuo Ueda: Wage growth will be checked through hard data after the spring negotiations.

Bank of Japan Governor Kazuo Ueda: It is crucial to provide support to the economy through monetary policy.

Bank of Japan Governor Kazuo Ueda: Price trends remain below 2%.