Presser detail now being released after usual embargo

  • premature to discuss exit strategy for Japan
  • vital for govt to achieve fiscal consolidation
  • BOJ forecasts include effects of planned sales tax hike
  • Japan can recover even if exports don’t rise sharply
  • sees risks linked to overseas economy falling slightly
  • US economy is strong and there are signs of improvement in Europe
  • core CPI +0.4% in line with BOJ forecast
  • possible to raise sales tax and still escape deflation
  • even after sales tax hike Japan can expand sbove its potential growth rate
  • important in next fiscal year to reduce budget deficit
  • Chinese growth slowing but will stablize due to domestic demand
  • BOJ board members wanted to see more hard data showing improvement in Capex

The usual from Kuroda but USDJPY higher at 96.40