Underlying inflation is quite close to BOJ's 2% targetExpect underlying inflation to converge to levels consistent with BOJ's targetMedium, long-term inflation expectations continue to heightenFinancial conditions remain accommodativeReal interest rates remain lowDelay in adjusting policy could see inflation risks materialise, hurt the economyUpside risks to prices are highThe remarks from BOJ deputy governor, Ryozo Himino, above are not anything that we haven't heard of from the central bank. It mainly juts reinforces the narrative that Japan is getting closer to achieving its long-sought inflation target and that the central bank now has to be careful about letting things run too hot.The most striking part of his comments is arguably the warning about delaying policy adjustments. But even then, there's no explicit hint that they are going to push for another rate hike sooner rather than later. And that is well reflected in the market pricing as well.As things stand, traders are virtually ruling out a move at the October meeting but are pricing in roughly 74% odds of another rate hike in December. That is a rather telling contrast, especially when you consider Himino's warning that delaying policy adjustments could allow inflation risks to materialise and ultimately hurt the economy.That doesn't mean that policymakers are not serious about their remarks. I would say that in Himino's case, his remarks aren't necessarily a push for an October move. Rather, they reinforce the argument that the BOJ cannot afford to sit on its hands for too long. But that's about it. They are neither an explicit confirmation about a move in December as well.In any case, the takeaway for the yen is that further BOJ tightening remains firmly on the agenda. October may be a foregone conclusion for markets, but December is a different story. This article was written by Justin Low at investinglive.com.