Recent reports from the Nikkei suggest that the Japanese government is contemplating revisions to its 2013 joint statement with the Bank of Japan (BOJ). This statement, a cornerstone of Japan's economic policy for the past decade, outlines the shared commitment to achieving a 2% inflation target as quickly as possible.

The potential tweak in language specifically concerns the phrasing around the inflation target. While the exact nature of the proposed changes remains unclear, any modification could signal a shift in the government's expectations or the BOJ's operational flexibility regarding its ultra-loose monetary policy.

This news is significant as it comes amidst growing speculation about the BOJ's eventual exit from its negative interest rate policy and yield curve control. Changing the 'blueprint' language could either solidify the path towards normalization by giving the BOJ more room to maneuver, or conversely, introduce ambiguity that prolongs the current dovish stance.

Traders will be watching for any official confirmation or further details on the specific wording under consideration. The market's reaction will hinge on whether the changes are perceived as empowering the BOJ to tighten policy sooner or if they suggest a softening of the commitment to aggressive inflation targeting, which could impact the Japanese Yen and JGB yields.