The BOJ presser has begun
- financial conditions are accomodative in Japan
- see Japan’s moderate recovery continuing
- will remain on track after sales tax hike
- consumer prices to hit 2% goal around middle of forecast period between FY 2014-16
- will adjust policy as required
- QE having its intended effect
- will continue easing until 2% inflation is stable
USDJPY down to 6 month lows 100.90 in a rush but I’m obviously not getting the translations fast enough as there’s nothing here so far that’s new, but I should think the lack of any direct reference to additional easing measures is enough to frighten off the yen bears
- private consumption stays in firm trend
- pullback in demand from sales tax hike will fade from summer
- doesn’t see any change in trend in stock prices
- BOJ is halfway to meeting 2% inflation goal
- monetary policy not targetting stock prices or currencies
- doesn’t see any particular reasons to encourage yen strength
That last comment having little effect as USDJPY drops to 101.84 but the fact he raises the point more specifically suggests he’s unhappy about recent strengthening
