Deets coming out now from the embargoed press conf
- if risks do not materialize then no need to change monetary policy
- monetary policy aimed at achieving domestic price stability, not forex level
- no comment on forex moves
- markets may move one way or the other but want to guide policy by carefully watching economy and prices
USDJPY a little lower so far on the perceived lack of need for further monetary stimulus.. currently 104.30 fr0m 104.43
- sales tax hike will not hurt positive cycle building up in Japan economy
- always closely monitoring markets but see nothing to be worried about now
- expects Japan to see 2% inflation around ende of fiscal year 2014 through fiscal year 2015
- downside risks to overseas economies have receded
- economic recovery is becoming more clear in US and Europe
- a few BOJ board members hold more cautious view on prices
- meeting BOJ’s 2% inflation target will not be made more difficult by low inflation in Europe
- no need to worry that Europe will lead global economy into disinflation or deflation
- does not see why low inflation in other countries would weigh on price growth in Japan
That’s it!
USDJPY 104.33 from 104.28 lows. Nothing really new in the comments. The possible lack of need for further monetary stimulus has been mentioned before but enough today to give the yen bears a little more to think about.
